Chilliwack Home Sales Show Slight Improvement From September To October

Chilliwack (Courtesy CADREB) – The number of homes sold via the MLS® System of the Chilliwack and District Real Estate Board totaled 217 units in October 2018. This was a 38.5% decline from the frenzied pace of sales in October 2017 but was only nine sales off the 10-year average for the month.

On a year-to-date basis, home sales totaled 2,534 units over the first 10 months of the year. This was down 27.5% from the same period in 2017.

“Home sales improved from September to October, and while they did get back close to the 10-year average for the month, they nonetheless remained way below last fall’s record levels,” said Lori Maier, President of the Chilliwack & District Real Estate Board. “The slowdown in sales this year along with a rebound in inventories has returned the market to better balance compared to the sellers’ market of the last couple of years. Accordingly, price growth has slowed markedly.”

The average price of homes sold in October 2018 was $479,985, up 2.8% from October 2017.

The more comprehensive year-to-date average price was $516,720, rising 11.8% from the first 10 months of 2017.

There were 386 new residential listings in October 2018. This was up 6.6% on a year-over-year basis.

Active residential listings numbered 1,403 units at the end of October. While this was a jump of 62.8% from the end of October 2017, it was broadly in line with the 10-year average for this time of the year.

Months of inventory numbered 6.5 at the end of October 2018, up from the record-low 2.4 months recorded at the end of October 2017 but close to 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 October 2018 was $104.2 million, declining 36.8% from the record for the month set in 2017.

Sales of all property types numbered 241 units in October 2018, a decline of 35% from October 2017. The total value of all properties sold was $116.7 million, falling 33.1% from October 2017.

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