Chilliwack & District Real Estate Board

The number of homes sold through the MLS® System of the Chilliwack and District Real Estate Board totaled 251 units in June 2024. This was a minor increase of 2.9% (seven sales) from June 2023.

Home sales were 11.7% below the five-year average and 25.2% below the 10-year average for the month of June.

On a year-to-date basis, home sales totaled 1,506 units over the first six months of the year. This was a slight gain of 0.3% (five sales) from the same period in 2023.

“Sales activity in our region continues to grow stronger since gaining momentum at the beginning of the year. We’re still off what would be considered normal for this time of year, but the trend is definitely moving in the right direction,” said Steven Kelly, President of the Chilliwack and District Real Estate Board. “New listings surged in June as sellers are still out in force. However, despite the increase in new supply, inventory levels relative to demand continued to fall on a monthly basis as the strength in home buying activity continues to build in the beginning to the summer.”

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 $750,800 in June 2024, a small gain of 1.2% compared to June 2023.

The benchmark price for single-family homes was $909,700, increasing by 1.1% on a year-over-year basis in June. By comparison, the benchmark price for townhouse/row units was $642,600, a gain of 5.5% compared to a year earlier, while the benchmark apartment price was $418,500, up modestly by 2.4% from year-ago levels.

The average price of homes sold in June 2024 was $771,049, decreasing by 2.6% from June 2023.

The more comprehensive year-to-date average price was $777,617, a modest gain of 2.9% from the first six months of 2023.

The dollar value of all home sales in June 2024 was $193.5 million, nearly unchanged, up only 0.2% from the same month in 2023.

The number of new listings saw an increase of 6.6% from June 2023. There were 547 new residential listings in June 2024.

New listings were 2.3% above the five-year average and 4.7% above the 10-year average for the month of June.

Active residential listings numbered 1,240 units on the market at the end of June, a sizable gain of 24.2% from the end of June 2023.

Active listings were 19.9% above the five-year average and 18.3% above the 10-year average for the month of June.

Months of inventory numbered 4.9 at the end of June 2024, up from the 4.1 months recorded at the end of June 2023 and above the long-run average of 3.6 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.