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With the arrival of warmer weather, Chilliwack’s real estate market is displaying gradual growth.
According to the latest statistics from the Chilliwack and District Real Estate Board (CADREB), 277 residential properties were sold in April, which is a decline from the previous month’s 293 sales. Although the average value (AV) slightly increased by 1.70% from $723,283 to $735,614, the year-to-year comparison is unfavorable, with a drop of 17.82% from the average value of $895,165 twelve months ago. However, CADREB president Brad Latham saw a positive side in the year-to-year comparisons, stating that the year-over-year declines are diminishing as we move beyond the one-year mark of the sales activity peak, and year-over-year gains will likely appear in the next few months and expand as we surpass the downturn of last year.
Despite the slight dip in home sales in Chilliwack in April, there are positive signs that the market is stabilizing after a period of volatility.
While the year-over-year comparison shows a drop in the average home value, the decline is shrinking, and experts predict that year-over-year gains will start to show up in the coming months. In April, single-family homes saw an increase in the average value, and condominium sales were up with a significant increase in the average value. These are encouraging signs that the market is on the road to recovery. Additionally, the fact that homes are spending less time on the market is a positive indicator that demand is increasing. Overall, the Chilliwack real estate market is showing resilience, and there are reasons to be optimistic about its future growth.
The Chilliwack and District Real Estate Board (CADREB) reported 38 home sales over $1 million and two over $2 million, indicating a strong interest in luxury homes in the area. Despite the lower number of listings at the end of April compared to the same period last year, there is still a healthy number of homes available for sale in the region. CADREB president Brad Latham sees this inventory shortage as a potential opportunity for sellers, as it may lead to an upward trend in prices. Moreover, with the summer months approaching, there is still time for the inventory to increase, and CADREB’s coverage area of over 280 members ensures that homebuyers have a wide range of options to choose from.
The Chilliwack real estate market is showing promising signs of growth as spring arrives, following a trend seen in previous years.
Market Intelligence, Real Estate News, Your Next Home