Chilliwack home sales continue to rise year-over-year as single-family home prices actually drop
CHILLIWACK — While home sales throughout the Fraser Valley may have seen a modest dip during September, the Chilliwack and District Real Estate Board says home sales in the greater Chilliwack area continue to increase year over year.
According to a news release Monday (Oct. 7) from CADREB, there were 216 home sales recorded in September 2024, a gain of 8.5 per cent from a year ago.
On a year-to-date basis, home sales totaled 2,178 units over the first nine months of the year. This increased by 3.2 per cent from the same period in 2023.
“Home sales and new listings were both still on the rise as summer came to an end,” said Steven Kelly, president of the Chilliwack and District Real Estate Board. “It appears that buyers are continuing to come off the sidelines as rates wind down and sellers are still out offering their properties in strong numbers. There is still some adjustment going on with prices as sellers continue to align their pricing expectations with what buyers are willing to offer at this point, something that will continue to evolve as we move through the rate easing cycle.”
The benchmark price for single-family homes was $881,800, a minor dip of two per cent on a year-over-year basis in September. By comparison, the benchmark price for townhouse/row units was $612,400, a slight reduction of 0.5 per cent compared to a year earlier, while the benchmark apartment price was $433,600, increasing by 7.1 per cent from year-ago levels.
The number of new listings experienced a moderate decrease of 5.3 per cent from September 2023. There were 487 new residential listings in September 2024.
CADREB presently counts 374 real estate agents among its members. It provides services to and sets standards for members who work in Chilliwack, Agassiz, Hope, Boston Bar and Harrison.