Chilliwack & District Real Estate Board

The number of homes sold through the MLS® System of the Chilliwack and District Real Estate Board totaled 243 units in October 2024. This was an increase of 25.3% from October 2023.

Home sales were 9.6% below the five-year average and 10.3% below the 10-year average for the month of October.

On a year-to-date basis, home sales totaled 2,420 units over the first 10 months of the year. This was a moderate gain of 5% from the same period in 2023.

“Home sales continue to move closer to their long-term averages as demand proceeds along with its recovery in our market,” said Steven Kelly, President of the Chilliwack and District Real Estate Board. “Listings are still coming onto the market in strong numbers, with October posting the second highest level for this month on record. With the market firmly in balanced territory and activity likely to wind down as we approach the winter months, we don’t expect much to change in terms of trends for the time being but all eyes will be on what happens next spring as interest rates continue to move lower.”

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 $720,000 in October 2024, down only 0.6% compared to October 2023.

The benchmark price for single-family homes was $867,100, nearly unchanged, down only 0.8% on a year-over-year basis in October. By comparison, the benchmark price for townhouse/row units was $622,900, a minor increase of 1.5% compared to a year earlier, while the benchmark apartment price was $424,500, a small gain of 3.7% from year-ago levels.

The average price of homes sold in October 2024 was $785,456, increasing by 6.5% from October 2023.

The more comprehensive year-to-date average price was $767,465, a modest gain of 3% from the first 10 months of 2023.

The dollar value of all home sales in October 2024 was $190.9 million, up sharply by 33.4% from the same month in 2023.

The number of new listings was essentially unchanged, up just 0.7% (three listings) from October 2023. There were 436 new residential listings in October 2024. This was the largest number of new listings added in the month of October in more than 25 years.

New listings were 7.2% above the five-year average and 16.5% above the 10-year average for the month of October.

Active residential listings numbered 1,167 units on the market at the end of October, a moderate gain of 6.1% from the end of October 2023. Active listings haven’t been this high in the month of October in more than five years.

Active listings were 24.2% above the five-year average and 23.8% above the 10-year average for the month of October.

Months of inventory numbered 4.8 at the end of October 2024, down from the 5.7 months recorded at the end of October 2023 and above the long-run average of 4 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.