The Chilliwack real estate market doesn’t know whether it’s coming or going. The August numbers from the Chilliwack and District Real Estate Board (CADREB) are all over the map. Up here and down there with nothing that strongly indicates rebound or decline.
On the plus side, 191 residential properties sold last month, a 29.3 per cent increase from 12 months ago. But month to month, it was a 13.96 per cent drop from July and slotted in 28 per cent below the five-year average and 31.1 per cent below the 10-year average for August.
Glass half full? Glass half empty?
“Home sales bounced back from last August when activity reached the lowest for the month in a decade, although we still have a long way to go before we’re back at more typical levels,” said CADREB president Brad Latham.
There were 89 single family home sales in August, down from 103 in July. The average value crept up ever so slightly, rising 1.23 per cent to $914,570. Single family homes took an average of 31.1 days to sell.
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It wasn’t a great month for condominium values. While the unit sales were nearly identical from July (52) to August (50), the AV dropped 7.87 per cent to $592,685.
But then again, the AV of townhouses rose 2.53 per cent to $380,235.
Overall, there were two residential sales over $2-million and 35 over $1-million.
“The recovery that had been building momentum earlier in the year lost some steam over the second half of the summer, although new supply is now trending upward very strongly,” Latham said. “This has resulted in a reversal of the tighter conditions we saw at the beginning of the summer and has put the market back closer to buyer’s territory.”
There were 1,094 listings on the market at month’s end, representing the sixth straight month of increase. Overall supply is still 11.1 per cent off where it was 12 months ago, but there were 437 brand new listings last month, a 4.8 year-to-year jump. New listings were 3.5 per cent above the five-year average and 8.1 per cent above the 10-year average for August.
CADREB is an association of 365 realtors serving Chilliwack, Agassiz, Hope, Boston Bar and Harrison.