Chilliwack & District Real Estate Board

The number of homes sold through the MLS® System of the Chilliwack and District Real Estate Board totaled 216 units in September 2024. This was a moderate gain of 8.5% from September 2023.

Home sales were 17.6% below the five-year average and 17.6% below the 10-year average for the month of September.

On a year-to-date basis, home sales totaled 2,178 units over the first nine months of the year. This increased by 3.2% from the same period in 2023.

“Home sales and new listings were both still on the rise as summer came to an end,” said Steven Kelly, President of the Chilliwack and District Real Estate Board. “It appears that buyers are continuing to come off the sidelines as rates wind down and sellers are still out offering their properties in strong numbers. There is still some adjustment going on with prices as sellers continue to align their pricing expectations with what buyers are willing to offer at this point, something that will continue to evolve as we move through the rate easing cycle.”

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 $728,400 in September 2024, down modestly by 1.6% compared to September 2023.

The benchmark price for single-family homes was $881,800, a minor decrease of 2% on a year-over-year basis in September. By comparison, the benchmark price for townhouse/row units was $612,400, a slight reduction of 0.5% compared to a year earlier, while the benchmark apartment price was $433,600, increasing by 7.1% from year-ago levels.

The average price of homes sold in September 2024 was $753,567, a modest decline of 1.1% from September 2023.

The more comprehensive year-to-date average price was $765,554, up modestly by 2.7% from the first nine months of 2023.

The dollar value of all home sales in September 2024 was $162.8 million, an increase of 7.4% from the same month in 2023.

The number of new listings saw a moderate decrease of 5.3% from September 2023. There were 487 new residential listings in September 2024.

New listings were 3.2% above the five-year average and 7% above the 10-year average for the month of September.

Active residential listings numbered 1,214 units on the market at the end of September, increasing by 5.7% from the end of September 2023. Active listings haven’t been this high in the month of September in five years.

Active listings were 19.2% above the five-year average and 18.5% above the 10-year average for the month of September.

Months of inventory numbered 5.6 at the end of September 2024, down from the 5.8 months recorded at the end of September 2023 and above the long-run average of 4.5 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.