Detail

    Chilliwack home sales running at average levels in April

    by Steve Lerigny | May 07, 2019

    The number of homes sold via the MLS® System of the Chilliwack and District Real Estate Board totaled 280 units in April 2019. This was down 22.4% from April 2018.

    On a year-to-date basis, home sales totalled 741 units over the first four months of the year, a 33.1% decline from the same period in 2018.

    “Sales activity was running at average levels in April, still well below recent years but well above the 2009 through 2014 period,” said Kyle Nason, President of the Chilliwack & District Real Estate Board. “The story on the supply side is much the same. Taking the current state of supply and demand together, we are now looking at a balanced market but one that is favouring buyers. As a result, prices have been able to hold onto to all the gains of the last few years but are currently not really rising or falling.”

    The average price of homes sold in April 2019 was $534,684, edging up a slight 0.3% from April 2018.

     The more comprehensive year-to-date average price was $528,201, up 2.3% from the first four months of 2018.

     There were 621 new residential listings in April 2019, up 6.5% on a year-over-year basis.

     Active residential listings numbered 1,529 units at the end of April. While this was up 54.6% from the historically low levels recorded at the end of April 2018, it was only about 250 listings above average for this time of the year.

     Months of inventory numbered 5.5 at the end of April 2019, up from the 2.7 months recorded at the end of April 2018 but still a bit below the long-run average of 6.2 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

     The combined dollar value of all home sales in April 2019 was $149.7 million, falling 22.2% from this month in 2018.

     Sales of all property types numbered 301 units in April 2019, down 23% from April 2018. The total value of all properties sold was $152.8 million, falling 26.7% from April 2018.