Image: Pattison Media / File

By Fraser Valley Today Staff

Real estate

Chilliwack real estate sees year-end surge in sales and prices

Jan 6, 2024 | 5:55 AM

CHILLIWACK — The Chilliwack and District Real Estate Board has reported a robust conclusion to 2023, with December home sales surging and prices witnessing a notable uptick, according to the latest data released.

In December 2023, a total of 133 homes changed hands, marking an 8.1

increase compared to the same month in 2022. Brad Latham, President of the Chilliwack and District Real Estate Board, pointed out the trend’s familiarity, stating, “Housing trends in 2023 mirrored those of 2022, with both years starting off very strong in the spring before falling to lows in the middle of the year and then picking back up again in the fall.”

While the number of homes sold demonstrated a positive trajectory, it’s worth noting that sales were 32.3% below the five-year average and 28.5% below the 10-year average for the month of December, reflecting a somewhat subdued market compared to historical averages.

On an annual basis, the real estate market in Chilliwack saw 2,592 homes sold in 2023, a modest 0.9% increase from 2022. Latham expressed optimism for the upcoming year, anticipating a resurgence in the spring market and keenly observing interest rates.

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The MLS® Home Price Index (HPI) revealed a robust market in terms of pricing, with the overall benchmark price reaching $722,600 in December 2023, marking a 6.2% increase from the previous year. Single-family homes boasted a benchmark price of $880,100, rising by 7.1%, while townhouse/row units and apartments witnessed gains of 5.8% and 9.3%, respectively.

The average price of homes sold in December 2023 reached $785,997, signifying a substantial 20.5% increase from December 2022. Despite the monthly spike, the annual average price decreased by 8.4%, settling at $744,164 for the entirety of 2023.

New listings experienced a 23% surge from December 2022, with 166 new residential listings in December 2023. However, active residential listings climbed by 12.8%, reaching 819 units by the end of December, the highest in more than five years for the month.

As the market heads into 2024, analysts are closely monitoring the months of inventory, which stood at 6.2 at the end of December 2023, slightly above the 5.9 recorded a year earlier. This figure represents the number of months it would take to sell current inventories at the current rate of sales activity.

For those seeking more detailed information or contemplating a real estate move, the Chilliwack and District Real Estate Board encourages contacting them directly or visiting their website for the latest updates and insights.