Chilliwack & District Real Estate Board

Chilliwack and District Real Estate Board MLS® home sales finish year at lowest annual level since 2014

The number of homes sold through the MLS® System of the Chilliwack and District Real Estate Board totaled 125 units in December 2022. This was a substantial decline of 47% from December 2021.

Home sales were 35.4% below the five-year average and 31.9% below the 10-year average for the month of December.

On an annual basis, home sales totaled 2,578 units over the course of 2022. This was a big decline of 46.2% from the same period in 2021.

“Although there were promising signs of activity at the end of 2022 after sales took a large dip in the wake of repeated interest rate hikes, the year was subdued on the whole compared to recent history,” said Daryl Moniz, President of the Chilliwack and District Real Estate Board. “The market popped up into balanced territory in the last month of the year, which continues the momentum of readjustment after bottoming out in June 2022 and holds some promise for a further rebalancing in 2023. It will be difficult to monitor trends with much foresight in the next few months as supply remains traditionally low at this time of year, but once the spring comes around we should have a better idea of how 2023 might play out.”

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 $678,700 in December 2022, down sharply by 16.2% compared to December 2021.

The benchmark price for single-family homes was $815,700, a substantial decrease of 18.4% on a year-over-year basis in December. By comparison, the benchmark price for townhouse/row units was $568,600, a moderate decrease of 9.5% compared to a year earlier, while the benchmark apartment price was $370,600, falling by 1.5% from year-ago levels.

The average price of homes sold in December 2022 was $653,789, a substantial decline of 22% from December 2021.

The more comprehensive annual average price was $813,342, a gain of 11.7% from all of 2021.

The dollar value of all home sales in December 2022 was $81.7 million, down sharply by 58.7% from the same month in 2021.

The number of new listings saw a substantial decline of 35.2% from December 2021. There were 125 new residential listings in December 2022. This was the lowest number of new listings added in the month of December in more than five years.

New listings were 25.3% below the five-year average and 22.1% below the 10-year average for the month of December.

Active residential listings numbered 709 units on the market at the end of December, more than double the levels from a year earlier, leaping 158.8% from the end of December 2021.

Active listings were 18.7% above the five-year average and 7.3% above the 10-year average for the month of December.

Months of inventory numbered 5.7 at the end of December 2022, up from the 1.2 months recorded at the end of December 2021 and above the long-run average of 4.3 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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(604) 792-0912
Joanne Reid
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Accounting, Operations,
admin@cadreb.com

President
Daryl Moniz

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