Image: File image of a real estate sign. / Pattison Media

By Fraser Valley Today Staff

Real estate

Chilliwack real estate sees moderate growth in June

Jul 8, 2024 | 8:32 AM

CHILLIWACK — The number of homes sold through the MLS System of the Chilliwack and District Real Estate Board reached 251 units in June, marking a 2.9 per cent increase from June 2023. However home sales were 11.7 per cent below the five-year average and 25.2 per cent below the 10-year average for the month of June.

Home sales totaled 1,506 units in the first six months of 2024, reflecting a slight gain of 0.3 per cent compared to the same period in 2023.

“Sales activity in our region continues to grow stronger since gaining momentum at the beginning of the year,” said Steven Kelly, President of the Chilliwack and District Real Estate Board. “We’re still off what would be considered normal for this time of year, but the trend is definitely moving in the right direction.”

New listings surged in June, with 547 new residential listings marking a 6.6 per cent increase from June 2023. Despite this influx, inventory levels relative to demand continued to fall as home-buying activity gained strength at the start of summer. New listings were 2.3 per cent above the five-year average and 4.7 per cent above the 10-year average for June.

The MLS Home Price Index, which tracks price trends more accurately than average or median prices, recorded an overall composite benchmark price of $750,800 in June 2024, a 1.2 per cent increase from June 2023. The benchmark price for single-family homes rose 1.1 per cent to $909,700, while townhouse/row units saw a 5.5 per cent increase to $642,600. Apartments had a modest benchmark price gain of 2.4 per cent, reaching $418,500.

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The average price of homes sold in June 2024 was $771,049, a 2.6 per cent decrease from June 2023. However, the year-to-date average price was $777,617, showing a modest 2.9 per cent increase from the first six months of 2023.

The total dollar value of all home sales in June 2024 was $193.5 million, nearly unchanged from the previous year, with a slight increase of 0.2 per cent. Active residential listings numbered 1,240 units at the end of June, a 24.2 per cent increase from June 2023 and above both the five-year and 10-year averages.

Months of inventory stood at 4.9 at the end of June 2024, up from 4.1 months in June 2023 and above the long-run average of 3.6 months for this time of year.

The Chilliwack and District Real Estate Board is an association of 373 realtors who serve Chilliwack, Agassiz, Hope, Boston Bar, and Harrison.