Chilliwack & District Real Estate Board

Chilliwack and District Real Estate Board MLS® home sales continue strong upward momentum in April

The number of homes sold through the MLS® System of the Chilliwack and District Real Estate Board totaled 282 units in April 2024. This increased by 2.2% (six sales) from April 2023.

Home sales were 9.9% below the five-year average and 16.7% below the 10-year average for the month of April.

On a year-to-date basis, home sales totaled 965 units over the first four months of the year. This was a gain of 9.5% from the same period in 2023.

“While home sales still aren’t going to be setting records any time soon, demand is steadily progressing further and further away from the lows experienced in the summer of 2022,” said Steven Kelly, President of the Chilliwack and District Real Estate Board. “New supply is coming onto the market at healthy and supportive levels, and overall inventories are trending above average levels as the size of our housing market continues to experience rapid growth. MLS® Benchmark Price gains have now been trending in positive territory for several months and are posting modest single-digit year-over-year increases.”

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 $755,500 in April 2024, a gain of 5.5% compared to April 2023.

The benchmark price for single-family homes was $923,500, up by 7.3% on a year-over-year basis in April. By comparison, the benchmark price for townhouse/row units was $636,100, an increase of 6.4% compared to a year earlier, while the benchmark apartment price was $416,600, a small gain of 3.4% from year-ago levels.

The average price of homes sold in April 2024 was $771,475, up by 4.9% from April 2023.

The more comprehensive year-to-date average price was $764,118, an increase of 5.6% from the first four months of 2023.

The dollar value of all home sales in April 2024 was $217.6 million, a moderate gain of 7.2% from the same month in 2023.

The number of new listings was up by 26.6% from April 2023. There were 591 new residential listings in April 2024.

New listings were 11.5% above the five-year average and 8.1% above the 10-year average for the month of April.

Active residential listings numbered 1,130 units on the market at the end of April, a gain of 28.3% from the end of April 2023. Active listings haven’t been this high in the month of April in five years.

Active listings were 21.5% above the five-year average and 16.8% above the 10-year average for the month of April.

Months of inventory numbered 4 at the end of April 2024, up from the 3.2 months recorded at the end of April 2023 and above the long-run average of 3.3 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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