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    Chilliwack home sales still running slightly below average in May; prices holding steady

    by Steve Lerigny | Jun 07, 2019

    The number of homes sold via the MLS® System of the Chilliwack and District Real Estate Board totaled 273 units in May 2019. This was a decrease of 15.7% from May 2018.

    On a year-to-date basis, home sales totalled 1,014 units over the first five months of the year, down 29.2% from the same period in 2018.

    “Sales activity was running a little below the 10-year average for the month of May, and that has generally been the case for almost a full year now with the trend more or less sliding sideways,” said Kyle Nason, President of the Chilliwack & District Real Estate Board. “While supply has been building over that time, the market is still fairly balanced, and with new listings having slowed in recent months, it looks like inventories may now be stabilizing. As a result, while prices have not really risen over the last year, they have not fallen either.”

    The average price of homes sold in May 2019 was $534,364. This was little changed from May 2018, edging back just 0.9%.

    The more comprehensive year-to-date average price was $529,860, up 1.6% from the first five months of 2018.

    There were 547 new residential listings in May 2019. This was down 23.5% on a year-over-year basis.

    Active residential listings numbered 1,641 units at the end of May, up 28.5% from the end of May 2018.

    Months of inventory numbered 6 at the end of May 2019, up from the 3.9 months recorded at the end of May 2018 but right in line with the long-run average of 6.1 months 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 all home sales in May 2019 was $145.9 million, decreasing by 16.5% from this month in 2018.

    Sales of all property types numbered 297 units in May 2019, down 18.6% from May 2018. The total value of all properties sold was $159.5 million, falling 20% from May 2018.