Chilliwack – The number of homes sold via the MLS® System of the Chilliwack and District Real Estate Board totaled 353 units in July 2020. This was a large increase of 32.7% from July 2019.
On a year-to-date basis, home sales totalled 1,641 units over the first seven months of the year. This was up 6.8% from the same period in 2019.
“Home sales activity remained strong in July, posting the third-highest level for this month on record,” said Kim Parley, President of the Chilliwack & District Real Estate Board. “New listings have risen in tandem with sales, bringing back some desperately needed supply to the market. However, even with new listings posting the highest July on record the market continue to tighten due to the unexpected strength in demand. This continue to put upward pressure on price growth and is lifting average prices to new record levels.”
The average price of homes sold in July 2020 was a record $570,088, rising 11.8% from July 2019.
The more comprehensive year-to-date average price was $553,334, up 4.7% from the first seven months of 2019.
There were 527 new residential listings in July 2020. This was an increase of 11.7% on a year-over-year basis. This was the largest number of new listings added in the month of July in history.
Active residential listings numbered 1,060 units at the end of July. This was down 24.8% from the end of July 2019.
Months of inventory numbered 3 at the end of July 2020, down from the 5.3 months recorded at the end of July 2019 and below the long-run average of 5.4 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 2020 was $201.2 million, a large increase of 48.4% from the same month in 2019. This was also a new record for the month of July.
Sales of all property types numbered 361 units in July 2020; this was a large increase of 31.8% from July 2019. The total value of all properties sold was $203.9 million, a large increase of 47.5% from July 2019.
The Chilliwack and District Real Estate Board is an association of 319 REALTORS® that provides services to and sets standards for members. The Chilliwack and District Real Estate Board serves Chilliwack, Agassiz, Hope, Boston Bar and Harrison.