Market - June 12, 2023

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Chilliwack and District Real Estate Board MLS® home sales surge, recording first year-over-year gain in nearly two years

The number of homes sold through the MLS® System of the Chilliwack and District Real Estate Board totaled 377 units in May 2023. This was a substantial increase of 72.9% from May 2022. Home sales were 30.4% above the five-year average and 10.9% above the 10-year average for the month of May.

On a year-to-date basis, home sales totaled 1,258 units over the first five months of the year, declining of 18.6% from the same period in 2022.

“Sales activity is rebounding with a ferocity that has brought it back above average levels for the month of May, boosted by the long-awaited return of new listings,” said Brad Latham, President of the Chilliwack and District Real Estate Board. “Although new supply came in at above-average levels, home sales posted the fifth best May on record. As a result of demand outpacing new supply, overall inventories continued to decline, and the market tightened even further. MLS® HPI benchmark prices are still below levels from one year earlier but with five consecutive monthly gains it can be said with certainty that prices have turned a corner and are on the rise again.”

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 $724,200 in May 2023, a reduction of 13.4% compared to May 2022.

The benchmark price for single-family homes was $869,900, a decline of 13.3% on a year-over-year basis in May. By comparison, the benchmark price for townhouse/row units was $600,200, a decrease of 12.9% compared to a year earlier, while the benchmark apartment price was $412,900, down by 10% from year-ago levels.

The average price of homes sold in May 2023 was $811,397, decreasing by 1% from May 2022. The more comprehensive year-to-date average price was $750,019, a decrease of 14.8% from the first five months of 2022.

The dollar value of all home sales in May 2023 was $305.9 million, jumping 71.2% from the same month in 2022. This was also a new record for the month of May. The number of new listings saw a decrease of 19.1% from May 2022. There were 572 new residential listings in May 2023.

New listings were 3.7% above the five-year average and 3% above the 10-year average for the month of May.

Active residential listings numbered 888 units on the market at the end of May, a large decline of 24% from the end of May 2022.

Active listings were 14.7% below the five-year average and 17.2% below the 10-year average for the month of May.

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