Chilliwack & District Real Estate Board

The number of homes sold through the MLS® System of the Chilliwack and District Real Estate Board totaled 190 units in November 2024. This was an increase of 25% from November 2023.

Home sales were 17.7% below the five-year average and 20.1% below the 10-year average for the month of November.

On a year-to-date basis, home sales totaled 2,609 units over the first 11 months of the year. This was a moderate gain of 6.2% from the same period in 2023.

“After rising through most of this year, activity has topped off but remains at much stronger levels compared to early 2024,” said Steven Kelly, President of the Chilliwack and District Real Estate Board. “Right now, sales are about halfway between the lows from the past two years and more typical levels for November, so even though we’ve come a long way from the recent bottom we still have more road ahead of us before we’re back to what would be considered normal. In the meantime, with new listings starting to wind down we’re seeing a gradual but consistent tightening of the market. This likely won’t show up in significant price gains over the winter but could get things rolling before the busy spring season begins next year.”

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 $719,400 in November 2024, a modest gain of 1.9% compared to November 2023.

The benchmark price for single-family homes was $868,000, up modestly by 1.8% on a year-over-year basis in November. By comparison, the benchmark price for townhouse/row units was $628,000, an increase of 4.3% compared to a year earlier, while the benchmark apartment price was $413,800, a moderate gain of 5% from year-ago levels.

The average price of homes sold in November 2024 was $767,332, increasing by 11.1% from November 2023.

The more comprehensive year-to-date average price was $767,502, a modest gain of 3.5% from the first 11 months of 2023.

The dollar value of all home sales in November 2024 was $145.8 million, up sharply by 38.9% from the same month in 2023.

The number of new listings saw a substantial decrease of 20% from November 2023. There were 272 new residential listings in November 2024. This was the lowest number of new listings added in the month of November in more than five years.

New listings were 9.3% below the five-year average and 5% below the 10-year average for the month of November.

Active residential listings numbered 1,000 units on the market at the end of November, a moderate decrease of 5.9% from the end of November 2023.

Active listings were 20.7% above the five-year average and 20.7% above the 10-year average for the month of November.

Months of inventory numbered 5.3 at the end of November 2024, down from the 7 months recorded at the end of November 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.