Chilliwack housing market quiet in May but up from the bottom seen in April
The number of homes sold via the MLS® System of the Chilliwack and District Real Estate Board totaled 170 units in May 2020. This was a large decline of 37.7% from May 2019 and was the lowest level of sales seen in the month since the early 2000’s.
On a year-to-date basis, home sales totalled 952 units over the first five months of the year. This was down 6.1% from the same period in 2019.
“With the economy cautiously opening up in BC, home sales and listings have seen an uptick in May compared to April’s severe stoppage,” said Kim Parley, President of the Chilliwack & District Real Estate Board. “Despite still being a long way from a full economic recovery, prices this month were closing in on an all-time record, which shows that demand is still strong and that the pessimistic forecasts mentioned in the past few weeks may prove to be overblown.”
The average price of homes sold in May 2020 was $551,719, edging up 3.2% from May 2019.
The more comprehensive year-to-date average price was $545,514; edging up 3% from the first five months of 2019.
There were 373 new residential listings in May 2020. This was a decline of 31.8% on a year-over-year basis and was one of the lowest supply of new listings to hit the market in almost two decades.
Active residential listings numbered 974 units at the end of May. This was a decline of 40.6% from the end of May 2019.
Months of inventory numbered 5.7 at the end of May 2020, down from the 6 months recorded at the end of May 2019 and above the long-run average of 5.5 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.
The combined dollar value of all residential home sales in May 2020 was $93.8 million, down by 35.7% from the same month in 2019.
Sales of all property types numbered 180 units in May 2020; this was a large decline of 39.4% from May 2019. The total value of all properties sold was $98.8 million, declining significantly by 38.1% from May 2019.
BOARD & ASSOCIATION INFORMATION
The Chilliwack and District Real Estate Board is an association of 319 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