Chilliwack & District Real Estate Board

The number of homes sold through the MLS® System of the Chilliwack and District Real Estate Board totaled 266 units in March 2024. This was a decrease of 8.9% from March 2023.

Home sales were 29.3% below the five-year average and 23.9% below the 10-year average for the month of March.

On a year-to-date basis, home sales totaled 684 units over the first three months of the year. This was a sizable gain of 13.1% from the same period in 2023.

“Although sales activity came in below last year’s March reading, we are still seeing signs of a slow and steady improvement on a month-by-month basis in our market,” said Steven Kelly, President of the Chilliwack and District Real Estate Board. “New supply is holding strong and the level of overall available inventory is just slightly above average levels. Once demand appears more substantial there will be an ample number of listings to supply those buyers with, so it may be some time before we begin seeing any stronger than modest price growth even if the market picks up.”

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 $747,900 in March 2024, up by 6.4% compared to March 2023.

The benchmark price for single-family homes was $914,600, an increase of 7.5% on a year-over-year basis in March. By comparison, the benchmark price for townhouse/row units was $620,200, a moderate gain of 6.8% compared to a year earlier, while the benchmark apartment price was $414,700, increasing by 8% from year-ago levels.

The average price of homes sold in March 2024 was $783,851, increasing by 8% from March 2023.

The more comprehensive year-to-date average price was $761,168, a gain of 5.9% from the first three months of 2023.

The dollar value of all home sales in March 2024 was $208.5 million, down modestly by 1.6% from the same month in 2023.

The number of new listings saw an increase of 16.1% from March 2023. There were 518 new residential listings in March 2024.

New listings were 20.4% below the five-year average and 9.7% below the 10-year average for the month of March.

Active residential listings numbered 983 units on the market at the end of March, a sizable gain of 19.7% from the end of March 2023. Active listings haven’t been this high in the month of March in five years.

Active listings were 12.6% above the five-year average and 10.7% above the 10-year average for the month of March.

Months of inventory numbered 3.7 at the end of March 2024, up from the 2.8 months recorded at the end of March 2023 and above the long-run average of 3 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.