Chilliwack (Steve Legriny CADREB) – The number of homes sold through the MLS® System of the Chilliwack and District Real Estate Board totaled 277 units in April 2023. This was a decrease of 4.5% (12 sales) from April 2022.
Home sales were 11.4% below the five-year average and 17% below the 10-year average for the month of April.
“Home sales continue to rise at an accelerating pace on a month-over-month basis,” said Brad Latham, President of the Chilliwack and District Real Estate Board. “Year-over-year declines are shrinking as we move past the one-year mark of the peak in sales activity and we’ll likely see year-over-year gains start to show up in the next month or two, which will then grow larger as we pass last year’s downturn. In the meantime, a lack of new supply entering the market is once again putting upward pressure on prices.”
The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price was $706,300 in April 2023, a substantial decline of 17.7% compared to April 2022 but up over the past 3 months by 4.2%
The benchmark price for single-family homes was $846,200, a sharp decrease of 17.7% on a year-over-year basis in April however, it was an increase of 3.2% from 3 months ago. By comparison, the benchmark price for townhouse/row units was $599,100, down sharply by 16.3% compared to a year earlier, and increase 7.8% from 3 months ago. While the benchmark apartment price was $394,400, a substantial decrease of 14% from year-ago levels vs + 6.9% over the past 3 months.
The average price of homes sold in April 2023 was $735,614, a substantial decline of 17.9% from April 2022 which is showing a steady but small increases since December 2022.
Months of inventory numbered 3.1 at the end of April 2023, down from the 3.4 months recorded at the end of April 2022 and below the long-run average of 3.5 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.
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