After surging slightly in October, real estate in the Chilliwack region dropped again in November.
The Chilliwack and District Real Estate Board (CADREB) has released its latest numbers, showing an 8.68 per cent month-to-month drop in average home values. November ended with the average value (AV) of $649,006 on all residential properties, which includes single family homes, townhouses and condominiums. That’s as low as its been since Jan. 2021 when the AV was $632,495.
The all-time high of $907,385 was set in Jan. 2022, but prices have dropped in six of the last 10 months.
The overall number of sales was almost identical from October (147) to November (145).
There were 70 single-family homes sold last month for an AV of $861,009, down 2.05 per cent from October’s $879,041 and way down from the AV of $994,230 in Nov. 2021.
There were 33 townhouses sold last month for an AV of $542,832, nearly identical to October’s $542,121 but well below the AV of $655,590 in Nov. 2021.
There were 32 condominiums sold last month for an AV of $337,342, a 10.92 per cent drop from October’s $378,706 and not too far off the AV of $387,449 in Nov. 2021.
“Sales activity remains well below average levels for this time of year and year-over-year declines will appear even more out-sized than normal due to last year’s incredible strength around the same time,” said CADREB president Daryl Moniz.
There were 20 sales over $1 million in November, including one home that went for over $2 million. The most popular price bracket, with 14 sales, was between $700,000 and $750,000.
After hitting a 2022 high of 1,295 in July, housing inventory has dropped in three of the last four months. There were 1,014 listings on the market at the end of November, which does mark the seventh straight month at 1,000-plus after 20 months below that mark. There were just 352 listings on the market at this same point 12 months ago.
“Overall supply levels have climbed strongly since the beginning of the year and now sit on par with the recent peak back from mid-2019, providing ample opportunity for sidelined buyers to rejoin the market,” Moniz noted.
With more choices, those buyers can take their time. It took an average of 44 days for a single-family home to sell last month. Near the height of the market in November 2021, houses were flying off the board in 19.4 days.
CADREB is an association of 365 REALTORS serving Chilliwack, Agassiz, Hope, Boston Bar and Harrison.