The number of homes sold on the MLS® System of the
Chilliwack and District Real Estate Board was down slightly on
a year-over-year basis in May 2010. Meanwhile, new listings
slowed considerably compared to levels in recent
months.
Residential sales totalled 248 units in May 2010,
down five per cent from year-ago levels. This largely a story
about the rebound in activity last spring, as May 2009 marked
the first month last year in which sales surged back above
pre-recession levels.
New residential listings on the Board’s MLS® System
numbered 421 units in May 2010, up five per cent from a year
earlier. This was a considerably smaller gain compared to the
past four months, and this was reflected in the 21 per cent
month-over-month decline in seasonally adjusted new
supply.
“Sales activity has been forecast to soften into the
second half of the year, due to the HST, new mortgage rules,
and the possibility of further rate hikes,” said Kyle Hislop, President of the Chilliwack
& District Real Estate Board. “An accompanying cooling
trend in the number of new listings will help in maintaining a
good balance of supply and demand going forward.”
The average price of home sales in May was
$322,358, up eight per cent from one year earlier. This is the
highest monthly average price figure since June 2008, and
fourth highest ever.
The combined dollar value of home sales in May 2010
totalled $79.9 million, three per cent above the dollar volume
reported in May 2009.
Total sales numbered 269 units in May, down three
per cent from year-ago levels. The total value of all
properties sold in May 2010 rose nine per cent from the same
month in 2009, reaching $91 million.
There were 1,736 active residential listings on the
Board’s MLS® System at the end of May 2010, up 20 per cent on
a year-over-year basis. The overall supply of homes for sale
on the market has been pushed up sharply by the surge in new
listings between January and April.
There were seven months of inventory at the end of
May 2010, up from 5.5 months in May 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.
