Chilliwack and District Real Estate Board MLS® home sales remain well below average in August as new supply remains solid
The number of homes sold through the MLS® System of the Chilliwack and District Real Estate Board totaled 147 units in August 2022. This was a sharp decrease of 57.1% from August 2021.
Home sales were 44.6% below the five-year average and 46.6% below the 10-year average for the month of August.
On a year-to-date basis, home sales totaled 2,017 units over the first eight months of the year. This was down sharply by 43.3% from the same period in 2021.
“Home sales continue trending well below typical levels for this time of year as affordability has been hammered by the significant rate increases over the past few months. With today’s announcement of another rate hike by the Bank of Canada, it could be into the beginning of next year when the housing market start has finally absorbed the impact of higher rates and shows signs of bottoming out,” said Daryl Moniz, President of the Chilliwack and District Real Estate Board. “On the supply side we’re still seeing a very healthy influx of new listings. As a result of lower demand, overall inventories are well up from rock bottom levels since the end of 2021 to more normal figures, which is good news for potential buyers who have been waiting on the sidelines for an opportunity to return to the market. We have had an indication of this over the past couple of weeks as there seems to be a little bit of activity by buyers.”
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 $753,800 in August 2022, an increase of 4.2% compared to August 2021.
The benchmark price for single-family homes was $898,700, a small gain of 1.9% on a year-over-year basis in August. By comparison, the benchmark price for townhouse/row units was $633,100, increasing by 9.8% compared to a year earlier, while the benchmark apartment price was $429,900, a gain of 21.5% from year-ago levels.
The average price of homes sold in August 2022 was $748,227, an increase of 5.1% from August 2021.
The more comprehensive year-to-date average price was $853,354, a sizable gain of 21.3% from the first eight months of 2021.
The dollar value of all home sales in August 2022 was $110 million, a substantial reduction of 54.9% from the same month in 2021.
The number of new listings saw a gain of 12.8% from August 2021. There were 404 new residential listings in August 2022.
New listings were 2.7% below the five-year average and 3.9% above the 10-year average for the month of August.
Active residential listings numbered 1,223 units on the market at the end of August, more than double the levels from a year earlier, increasing 119.6% from the end of August 2021.
Active listings were 14.4% above the five-year average and 11.5% above the 10-year average for the month of August.
Months of inventory numbered 8.3 at the end of August 2022, up from the 1.6 months recorded at the end of August 2021 and above the long-run average of 4.7 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.
BOARD & ASSOCIATION INFORMATION
The Chilliwack and District Real Estate Board is an association of 365 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.
Chilliwack & District Real Estate Board