The Chilliwack and District Real Estate Board reports that total home sales continued to gain momentum in October 2024.
There were 243 units sold through their MLS system in the month of October, an increase of 25.3 per cent over October 2023.
"Home sales continue to move closer to their long-term averages as demand proceeds along with its recovery in our market," said Steven Kelly, president of the Chilliwack and District Real Estate Board.
They were 9.6 per cent below the five-year average and 10.3 per cent below the 10-year average for the month of October.
On a year-to-date basis, home sales totalled 2,420 units over the first 10 months of the year.
This was a "moderate gain" of five per cent from the same period in 2023, as the CADREB monthly report characterized it.
"Listings are still coming onto the market in strong numbers, with October posting the second highest level for this month on record," Kelly said.
With the market "firmly in balanced territory," Kelly said, with things winding down this fall, they don’t expect much to change in terms of market trends.
"All eyes will be on what happens next spring as interest rates continue to move lower," Kelly added.
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 $720,000 in October 2024, down only 0.6 per cent compared to October 2023.
The benchmark price for single-family homes was $867,100, nearly unchanged, down only 0.8 per cent on a year-over-year basis in October.
By comparison, the benchmark price for townhouse/row units was $622,900, a bump of 1.5 per cent compared to a year earlier, while the benchmark apartment price was $424,500, a small gain of 3.7 per cent from a year ago.
The average sale price of homes in October 2024 was $785,456, up by 6.5 per cent from October 2023.
