After surging forward in May, Chilliwack residential sales regressed in June with a sharp decline in units sold.
According to last month’s numbers from the Chilliwack and District Real Estate Board (CADREB), there were 244 sales, well off the 377 from May and below the 277 from April and the 293 from March. On the other hand, it was way higher than the 133 from June 2022, a sign the market is slowly bouncing back.
Home sales were still 15 per cent below the five-year average and 27.9 per cent below the 10-year average for June.
“Sales activity came in well below what we would consider typical levels for this time of year,” said CADREB president Brad Latham. “However, looking past the seasonality, on a monthly basis we are seeing a definitive upward movement that’s been going strong since the end of last year.”
From May to June, the average value (AV) of residential homes fell 2.45 per cent, from $811,397 to $791,498. But year over year, the AV rose 4.27 per cent. It sat at $759,050 12 months ago.
After hitting 214 sales in May, single-family home sales regressed to 119 in June. But the AV rose 6.46 per cent, settling in at just under $1 million ($953,931). The last time the AV topped that mark was May 2022 when it hit $1,030,011. Single family homes took an average of 26 days to sell.
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There were 73 townhouse sales, down from 86 in May. The AV was $614,423, virtually unchanged. They took an average of 24 days to sell.
There were 34 condominium sales, a five-month low. But the AV of $475,126 was 17.15 per cent higher than May and the highest it’s been since April 2022 ($507,978). They took an average of 27 days to sell.
There were three sales over $2 million and 45 over $1 million. The dollar value of all home sales in June 2023 was $193.1 million, a substantial gain of 37.4 per cent from June 2022.
Inventory, or lack of, remains an issue. CADREB said there were 490 new residential listings in June 2023, down 22.6 per cent from 12 months ago. New listings were six per cent below the five-year average and 3.1 per cent below the 10-year average for June.
There were 984 listings on the market at month’s end, down 22.6 per cent from June 2022. Active listings were 7.7 per cent below the five-year average and 8.2 per cent below the 10-year average for June.
“But new listings have popped up over the last two months from their slump earlier in the year, which should serve to continue fuelling the recovery in sales,” Latham said. “Our inventory levels are down rather sharply over the past few months due to the sudden surge in demand, although this has been tempered in May and June by the return of sellers to the market.”
The Chilliwack and District Real Estate Board is an association of 374 realtors serving Chilliwack, Agassiz, Hope, Boston Bar and Harrison.
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