Residential home values in the Chilliwack area stayed steady in the month of May, but sales picked up in a major way. Numbers from the Chilliwack and District Real Estate Board (CADREB) showed 377 units snapped up last month, 100 more than April and the first year-over-year gain since 2021. Homes sales in May 2023 were up a whopping 72.9 per cent from this time last year. Home sales were 30.4 per cent above the five-year average and 10.9 per cent above the 10-year average for May.
“Sales activity is rebounding with a ferocity that has brought it back above average levels for the month of May, boosted by the long-awaited return of new listings,” said CADREB president Brad Latham.
More sales, however, did not bring higher prices for sellers. An impressive 214 single-family homes sold for an average value (AV) of $869,072, up .11 per cent from April’s $895,068 and down 13 per cent from May 2022 when the AV was $1,030,011.
That, by the way, is the last time the AV of a single family home in the region topped $1-million.
There were 86 townhouse sales, the highest single-month total since March 2022. The AV was $612,783, up less than one per cent from last month’s $607,060 and down 8.58 per cent from the AV of $670,306 in May 2022. Townhouses took an average of 24 days to sell.
There were 48 condominium sales for an AV of $405,571, down 2.18 per cent from April’s $414,601 and down 8.15 per cent from the AV of $441,555. Condominiums took an average of 38 days to sell.
The AV on all residential properties, including mobile homes, multiplexes and house and acreage settled in at $811,397. There were five sales topping $2 million and 69 cresting $1 million.
Inventory continued to be a problem. While new listings were 3.7 per cent above the five-year average and three per cent above the 10-year average for the month of May, the 885 total end-of-month (EOM) listings marked the sixth straight month below 1,000.
The 885 EOM listings were 23.1 per cent below this point last year. May 2022 ended with 1,154 listings on the market. Active listings were 14.7 per cent below the five-year average and 17.2 per cent below the 10-year average for May.
“Although new supply came in at above-average levels, home sales posted the fifth best May on record,” Latham said. “As a result of demand outpacing new supply, overall inventories continued to decline, and the market tightened even further.”
CADREB is a realtor association including more than 280 members covering an area from Yarrow to Lytton, including Chilliwack, Sardis, Rosedale, Agassiz, Harrison Hot Springs and Hope.