Residential
sales activity recorded through the MLS® System of the
Chilliwack and District Real Estate Board posted another large
year-over-year gain in January 2010.
According
to the Board’s statistics, residential sales totalled 122
units in January 2010, rising 72 per cent year-over-year. This
is down from gains of more 100 per cent in the previous three
months.
“The
strength in the resale market now, compared to last year’s
weak showing, continues
to exaggerate year-over-year comparisons,” said Jim Adam,
President of the Chilliwack & District Real Estate Board.
“Because
activity began recovering in January last year,
year-over-year gains are expected to continue to become more
subdued over the coming months.”
The
residential average price for homes sold in January 2010 was
$289,323, down three per cent from year-ago
levels.
The
combined dollar value of home sales in January 2010 totalled
$35.3 million, 67 per cent above the dollar volume reported in
January 2009.
Total
sales numbered 137 units in January, up 80 per cent from
year-ago levels. The total value of all properties sold in
January 2010 rose 85 per cent from the same month in 2009,
reaching $40.6 million.
The
number of new residential listings on the Board’s MLS® System
numbered 421 units in January 2010, an increase of 15 per cent
from a year earlier.
The
uptick in new listings slowed the rate of decline in overall
supply. There were 1,102 active residential listings on the
Board’s MLS® System at the end of January 2010, a decline of
17 per cent from a year earlier. This was the smallest decline
since April last year.
There
were nine months of inventory at the end of January 2010, down
from 18.9 months in January 2009. 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
Chilliwack and District Real Estate Board is an association of
283 REALTORS® that provides services to and sets standards for
members. The Chilliwack and District Real Estate Board serves
Chilliwack, Agassiz, Hope, Boston Bar and
Harrison.
