Despite dip in sales, Chilliwack realtors seeing improvements in market

Steven Kelly, President of the Chilliwack and District Real Estate Board, says positive signs are coming out of the market. “Although sales activity came in below last year’s March reading, we are still seeing signs of a slow and steady improvement on a month-by-month basis in our market.”

The MLS Home Price Index indicated a positive trend in home prices, with the overall composite benchmark price reaching $747,900 in March 2024, a 6.4 per cent increase compared to March 2023.

The benchmark price for single-family homes rose to $914,600, a 7.5 per cent year-over-year increase. Townhouse/row units also experienced a moderate gain, with the benchmark price reaching $620,200, up by 6.8 per cent from the previous year. Meanwhile, the benchmark apartment price increased to $414,700, an 8 per cent rise from 2023 levels.

The average price of homes sold in March 2024 was $783,851, which is an 8 per cent increase from March 2023. On a year-to-date basis, the average price stood at $761,168, indicating a gain of 5.9 per cent from the first three months of 2023.

Despite the slight decline in home sales, new listings saw an increase of 16.1 per cent from March 2023, with 518 new residential listings in March 2024. However, active residential listings also surged, reaching 983 units by the end of March, a 19.7 per cent improvement from the previous year.

The months of inventory stood at 3.7 at the end of March 2024, up from 2.8 months recorded in March 2023 and above the long-run average of 3 months for this time of year. Months of inventory represent the number of months it would take to sell current inventories at the current rate of sales activity.

The Chilliwack and District Real Estate Board represents realtors in Chilliwack, Agassiz, Hope, Boston Bar, and Harrison.

by Fraser Valley Today Staff

Despite dip in sales, Chilliwack realtors seeing improvements in market

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