A three-year high in Chilliwack and area home sales was achieved in 2024, according to Chilliwack and District Real Estate Board.
On an annual basis, home sales totalled 2,757 units over the course of 2024. This is a moderate gain of 6.5 per cent from 2023.
"Thanks to a gradual and sustained recovery in 2024, annual home sales came in above levels from the previous two years and established solid momentum going into 2025," said CADREB president Steven Kelly.
The number of homes sold through CADREB's MLS system was 148 units in December 2024, a year-over-year increase of 12.1 per cent from December 2023.
Home sales came in 19.2 per cent under the five-year average however, and 19.7 per cent below the 10-year average for the month of December.
Kelly noted in the release that the real estate market has shifted into more of a balanced position.
"There’s still a moderately high level of inventory to work through and our market is firmly in the middle of balanced territory, so even if current trends hold steady we don’t expect to see strong price growth in the short term."
That said, with interest rates still going down and new mortgage rules kicking in, "our spring market will provide a better lens on what the rest of the year might shape up to be."
In terms of the home price index, the composite benchmark price was $732,200 in December 2024, a modest gain of 1.6 per cent compared to December 2023.
The benchmark price for single-family homes was $893,100, up modestly by 1.7 per cent year-over-year in December.
By comparison, the benchmark price for townhouse/row units was $626,500, an increase of 4.9% compared to a year earlier, while the benchmark apartment price was $405,100, a small gain of 2.2% from year-ago levels.
The average price of homes sold in December 2024 was $783,840, edging down 0.1% from December 2023.
The more comprehensive annual average price was $768,377, a modest gain of 3.3% from all of 2023.
The dollar value of all home sales in December 2024 was $116 million, up by 12% from the same month in 2023.
Active residential listings numbered 792 units on the market at the end of December, a moderate decrease of 5.4% from the end of December 2023.
Active listings were 27% above the five-year average and 27% above the 10-year average for the month of December.
Months of inventory numbered 5.4 at the end of December 2024, down from the 6.3 months recorded at the end of December 2023 and above the long-run average of 3.9 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.
The Chilliwack and District Real Estate Board is an association of 373 REALTORS® providing services to and setting standards for members. The Chilliwack and District Real Estate Board serves Chilliwack, Agassiz, Hope, Boston Bar and Harrison.
