Chilliwack sees drop in home sales, but prices stay steady

Real estate stats reflect the impact of rising interest rates, along with more homes on the market

An increase in the number of homes for sale, combined with rising interest rates, has contributing to a cooling in the Chilliwack and area real estate market. (file photo)

An increase in the number of homes for sale, combined with rising interest rates, has contributing to a cooling in the Chilliwack and area real estate market. (file photo)

While the number of sales fell in April, the value of residential properties didn’t dip.

The latest numbers from the Chilliwack and District Real Estate Board (CADREB) showed 154 single-family homes selling last month, for an average price of $1,065,706. That’s just $34 below the average price for 179 sales in March, so small it qualifies as a zero per cent decrease.

While townhouses saw a 6.02 per cent decline ($752,129 to $706,858), condominiums rose 11.36 per cent ($456,149 to $507,978). Including mobile homes, houses and acreage and multi-family plexes, a total of 290 units sold for an average value of $895,165.

That represents a microscopic .05 per cent rise over March, when the average price was $894,679.

The combined value of all residential units sold was $259,597,826 making it the ninth highest monthly total recorded in CADREB stats.

Four properties sold for more than $2-million while 95 sold for more than $1-million.

RELATED: More Chilliwack real estate records fall as CADREB releases February numbers

RELATED: March saw inventory rise and sales slow in Chilliwack real estate market

At the other end of the scale, the cheapest properties (two of them) sold in the $150,00 to $200,000 range.

More inventory and rising interest rates conspired to cool down the local market, with the 290 sales from April 2022 down 48.2 per cent from April 2021. Home sales were 11.9 per cent below the five-year average and 10.8 per cent below the 10-year average for the month of April.

“Although this is in the context of astronomically high April levels from 2016 and last year boosting up that average comparison,” said CADREB president Daryl Moniz. “Sales activity took a step down in April from the red-hot pace it’s been trending at for months. Whether this is the beginning of a moderation due to rising interest rates or a one-off will be determined by market trends over the remainder of the year.

”For now, with new listings running at very healthy levels we are seeing the start of a re-balancing of the market.”

There were 972 listings on the market at the end of April, up from 846 at the end of March and the highest total since there were 1,000 at the end of August, 2020. Past years have seen inventory build though the spring, peak in the summer and taper off in the fall and 2022 seems to be following that pattern.

Of the 972 listings, 659 were new. While that number was 10.1 per cent lower than April 2021, it represented a 13.7 per cent increase on the five-year average and an 18.4 per cent increase on the 10-year average for the month of April.

CADREB is an association of 365 realtors serving Chilliwack, Agassiz, Hope, Boston Bar and Harrison.

For more info, see cadreb.com.


@ProgressSports
eric.welsh@hopestandard.com

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