July 2018 Chilliwack Home Sales Drop To 2014 Levels

Chilliwack –  The number of homes sold via the MLS® System of the Chilliwack and District Real Estate Board totaled 237 units in July 2018. This was a decline of 33.2% from July 2017 and was below average for this time of the year.

On a year-to-date basis, home sales totalled 1,958 units over the first seven months of the year. This was down 21.1% from the same period in 2017.

“Home sales were still running back around 2014 levels in July, which has been the case since May,” said Lori Maier, President of the Chilliwack & District Real Estate Board. “The slowdown in sales from very strong levels in the last few years, along with a rebound in inventories to more normal levels, has resulted in a marked moderation in year-over-year average price gains following an almost unbroken streak of double-digit gains going back more than two years.”

The average price of homes sold in July 2018 was $490,652, up 3.5% from July 2017.

The more comprehensive year-to-date average price was $518,902, rising 13.4% from the first seven months of 2017.

There were 459 new residential listings in July 2018, unchanged on a year-over-year basis.

Active residential listings numbered 1,390 units at the end of July. This was an increase of 45.4% from the end of July 2017 but still below the 10-year average for the end of July.

Months of inventory numbered 5.9 at the end of July 2018, up from the 2.7 months recorded at the end of July 2017 but still below the long-run average of 6.8 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 combined dollar value of all home sales in July 2018 was $116.3 million, down 30.9% from the same month in 2017.

Sales of all property types numbered 252 units in July 2018, a large decline of 32.4% from July 2017. The total value of all properties sold was $127.7 million, falling 28.6% from July 2017.

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