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Chilliwack home sales slowing but still very strong in October

The number of homes sold via the MLS® System of the Chilliwack and District Real Estate Board recorded a small year-over-year decline in October 2016.Home sales totalled 277 units in October 2016, a decrease of 3.8 per cent from levels reported in October 2015. This was still the third best month of October on record.Sales of all types of properties numbered 292 units in October, down 3.3 per cent on a year-over-year basis.On a year-to-date basis home sales totalled a record 3,889 units over the first 10 months of 2016, an increase of 45.9 per cent from the same period in 2015.

“Home sales have come down from their breakneck pace in the spring and summer but are still running very strong by historical standards,” said Richard Admiraal, President of the Chilliwack & District Real Estate Board. “Meanwhile, the average price in the region has been bouncing around the $400,000 mark, well above where it was one year ago.”

The average price of homes sold in October 2016 was a record $417,242, up 25 per cent from last October. The year-to-date average price was $396,333, up 19.3 per cent from the first 10 months of last year.

New residential listings numbered 349 units in October, rising 19.9 per cent from a year earlier.

There were 995 active residential listings on the Board’s MLS® System at the end of October 2016, down 12.3 per cent from October 2015 and the lowest level for this month in a decade.

There were just 3.6 months of inventory at the end of October 2016, down from 3.9 months reported at the same time last year and well below the long-run average 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.

The combined dollar value of home sales in October 2016 totalled $115.6 million, an increase of 20.2 per cent from October 2015. This marked the highest October on record and the first October to surpass $100 million.

The total value of all properties sold in October was $123.1 million, rising five per cent on a year-over-year basis.

Important information

The Chilliwack and District Real Estate Board is an association of 291 REALTORS® that provides services to and sets standards for members. The Chilliwack and District Real Estate Board serves Chilliwack, Agassiz, Hope, Boston Bar and Harrison.

 

Sales and average price edge higher in 2013

The number of  Chilliwack homes sold via the MLS® System of the Chilliwack and District Real Estate Board including foreclosure Chilliwack homes for sale came in above levels from a year earlier in December 2013. Activity was also up for the year as a whole, as was the average selling price for Chilliwack homes.Chilliwack home sales totalled 108 units in December, an increase of two per cent from levels reported in December 2012. Sales of all types of properties numbered 121 units in December, up four per cent on a year-over-year basis.Activity for all of 2013 Chilliwack homes for sale came in three per cent ahead of the 2012 figures with sales numbering 2,062. This was the best annual sales figure since 2009.“While sales and prices for Chilliwack homes were up a bit on a year-over-year basis in 2013, the overall trend continues to be, as it has for some time, one of stability,” said Jesse Hildebrandt, President of the Chilliwack & District Real Estate Board. “Activity came in around the 2,000 mark for the sixth year in a row in row in 2013, while the average selling price of Chilliwack homes logged its seventh straight year at $300,000.”The average price of Chilliwack homes sold in December 2013 was $316,197, up four per cent from last December.The average price of Chilliwack homes for all of 2013 was $301,492, an increase of one per cent from 2012.New residential listings of Chilliwack homes for sale numbered 128 units in December, down 12 per cent from a year earlier. There were 1,427 active residential listings on the Board’s MLS® System at the end of December, up 15 per cent from December 2012.There were 13.2 months of inventory of Chilliwack homes for sale at the end of December 2013, up from 11.7 months reported at the same time last year. This is also above the long-run average for this time of year. The number of months of inventory for Chilliwack homes for sale is the number of months it would take to sell current inventories at the current rate of sales activity.The combined dollar value of Chilliwack home sales in December 2013 totalled $34.1 million, up six per cent from December 2012. The total value of all Chilliwack properties sold in December was $39 million, up 12 per cent on a year-over-year basis.

Important information

The Chilliwack and District Real Estate Board is an association of 283 REALTORS® that provides services to and sets standards for members. The Chilliwack and District Real Estate Board serves Chilliwack, Agassiz, Hope, Boston Bar and Harrison.
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