Image: Mike Vanden Bosch / Pattison Media / A home on Anglers Boulevard in Chilliwack that was recently sold by Chilliwack realtor Sabrina vandenBrink. The Chilliwack and District Real Estate Board (CADREB) says cumulative sales of single-family homes, townhouses and apartments increased nearly six per cent in July 2024 year over year, even as benchmark prices of single-family home have dropped from a year ago at this time.

By Mike Vanden Bosch

Chilliwack real estate

Chilliwack real estate sales increase in July as single-family benchmark home prices actually drop

Aug 8, 2024 | 10:09 AM

CHILLIWACK — The Chilliwack and District Real Estate Board (CADREB) says cumulative sales of single-family homes, townhouses and apartments increased nearly six per cent in July 2024 year over year, even as benchmark prices of single-family home have dropped from a year ago at this time.

According to a Thursday morning (August 8) news release from Steve Lerigny, executive director of CADREB based in Chilliwack, the number of homes sold through the Multiple Listing Service system of CADREB equaled 235 units in July 2024. This was an increase of 6.3 per cent, or 14 sales, from July 2023. However, home sales were 5.8 per cent below the five-year average and 16.1 per cent below the 10-year average for the month of July.

On a year-to-date basis, 1,737 housing units were sold over the first seven months of the year, a slight gain of 0.9 per cent (15 sales) from the same period in 2023.

“Sales activity reached a three-year high for the month of July as demand continues to return to our market,” said Steven Kelly, president of the Chilliwack and District Real Estate Board. “Sellers are still out in force and new listings remain at elevated levels. Although sales activity has strengthened there’s also quite a bit of inventory to work through that has accumulated over the past few years, which is why we’re not yet seeing any material gains in the MLS Home Price Index. The good news is that our market is now firmly in balanced territory and that all trends for the time being are moving in a constructive direction.”

CADREB says the MLS Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS HPI composite benchmark price was $746,600 in July 2024, nearly unchanged, down only 0.9% compared to July 2023.

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The benchmark price for single-family homes was $905,600, a minor decrease of 1.5 per cent on a year-over-year basis in July. By comparison, the benchmark price for townhouse/row units was $628,900, a modest gain of 2.3 per cent compared to a year earlier, while the benchmark apartment price was $426,800, increasing by 4.2 per cent from year-ago levels.

When it comes to available homes on the market, inventory has increased steadily. Active residential listings numbered 1,282 units on the market at the end of July, a sizable gain of 20.7 per cent from the end of July 2023.

The Chilliwack and District Real Estate Board is an association of 370 realtors that provides services to and establishes standards for members. The Chilliwack and District Real Estate Board serves Chilliwack, Agassiz, Hope, Boston Bar and Harrison.