Chilliwack & District Real Estate Board

Chilliwack and District Real Estate Board MLS® home sales continue slow and steady recovery in February

The number of homes sold through the MLS® System of the Chilliwack and District Real Estate Board totaled 219 units in February 2024. This was an increase of 13.5% from February 2023.

Home sales were 28.7% below the five-year average and 16% below the 10-year average for the month of February.

On a year-to-date basis, home sales totaled 419 units over the first two months of the year. This was a jump of 33.9% from the same period in 2023.

“Our local market continues to improve, notching yet another month of rising sales activity but still with some way to go before we get back to more normal levels,” said Steven Kelly, President of the Chilliwack and District Real Estate Board. “Our inventories are on the high side relative to history while our demand remains below-average, so supply levels are still plentiful for those looking to get in before the busy spring action picks up in the next month or two. In the meantime, our market is finally comfortably back in balanced territory and prices are posting modest gains in the single digits.”

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 $724,700 in February 2024, increasing by 4.3% compared to February 2023.

The benchmark price for single-family homes was $874,700, a gain of 4% on a year-over-year basis in February. By comparison, the benchmark price for townhouse/row units was $606,600, up by 5.7% compared to a year earlier, while the benchmark apartment price was $423,900, an increase of 12.9% from year-ago levels.

The average price of homes sold in February 2024 was $769,785, increasing by 6.6% from February 2023.

The more comprehensive year-to-date average price was $746,764, a gain of 4.9% from the first two months of 2023.

The dollar value of all home sales in February 2024 was $168.6 million, up by 20.9% from the same month in 2023.

The number of new listings saw a substantial increase of 37.7% from February 2023. There were 464 new residential listings in February 2024.

New listings were 7.1% below the five-year average and 7.9% above the 10-year average for the month of February.

Active residential listings numbered 916 units on the market at the end of February, a sizable gain of 11.3% from the end of February 2023. Active listings haven’t been this high in the month of February in five years.

Active listings were 21.7% above the five-year average and 15.8% above the 10-year average for the month of February.

Months of inventory numbered 4.2 at the end of February 2024, down from the 4.3 months recorded at the end of February 2023 and above the long-run average of 3.7 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.


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Chilliwack & District Real Estate Board

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For more information,
please contact:

Stephen A Lerigny CRAE, RSG.D
Executive Officer
(604) 792-0912
eo@cadreb.com

Our Office is located in the traditional territory of the Stó:lō People

President
Brad Latham

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