Chilliwack (CADREB) – The red hot real estate days of early spring may have cooled, but there is something to be said for a normalizing market. At 218 sales last month, sales were well behind the 413 posted in May of last year, but overall sales are ahead for the year.
“Unit sales are down, but if you take into account that 2021 was still part of our highest sales records of all time, sales are still way up in comparison to 2020,” said Daryl Moniz, Chilliwack and District Real Estate Board (CADREB) President.
The main factor in the “normalizing” market is most likely to be mortgage rate changes. According to a recent report by the BC Real Estate Association, Chilliwack and area buyers are the most sensitive to interest rate changes in the Lower Mainland.
Of the 218 sales in May, the highest number (18) were homes in the $1,000K – $1,099,999 range followed by 17 sales in the $950,000 – $999,999 range and also 17 sales in the $1,100K – $1,199,999 category. Sales of single family homes made up almost half of the sales, but at 53, sales of townhomes were strong as well. There were four sales of homes over the $2 million mark.
The average days on market increased by 37% to 22 days on the market compared to 2021, but in 2020 the average number of days on market was 47.
The number of listings has risen by a healthy margin, giving buyers more opportunity to shop for a home and time to make their important decision on where to live. At the end of May, there were 1,154 listings on the local market, up substantially from the 707 listings at the same time last year.
We anticipate that home prices will flatten, said Mr. Moniz.
“The median sale price in the CADREB area actually rose 14.3% as inventory levels have risen, but not enough to cause lower prices”.
If a first home or move-up home is in your future, be sure to get pre-qualified and get shopping before interest rates nudge up any further. There is increasing choice in every category from condos to homes with acreage.
