HOME > Market
Chilliwack and District Real Estate Board MLS® home sales surge, recording first year-over-year gain in nearly two years
The number of homes sold through the MLS® System of the Chilliwack and District Real Estate Board totaled 377 units in May 2023. This was a substantial increase of 72.9% from May 2022.
Home sales were 30.4% above the five-year average and 10.9% above the 10-year average for the month of May.
On a year-to-date basis, home sales totaled 1,258 units over the first five months of the year, declining of 18.6% from the same period in 2022.
“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 Brad Latham, President of the Chilliwack and District Real Estate Board. “Although new supply came in at above-average levels, home sales posted the fifth best May on record. As a result of demand outpacing new supply, overall inventories continued to decline, and the market tightened even further. MLS® HPI benchmark prices are still below levels from one year earlier but with five consecutive monthly gains it can be said with certainty that prices have turned a corner and are on the rise again.”
The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price was $724,200 in May 2023, a reduction of 13.4% compared to May 2022.
The benchmark price for single-family homes was $869,900, a decline of 13.3% on a year-over-year basis in May. By comparison, the benchmark price for townhouse/row units was $600,200, a decrease of 12.9% compared to a year earlier, while the benchmark apartment price was $412,900, down by 10% from year-ago levels.
The average price of homes sold in May 2023 was $811,397, decreasing by 1% from May 2022. The more comprehensive year-to-date average price was $750,019, a decrease of 14.8% from the first five months of 2022.
The dollar value of all home sales in May 2023 was $305.9 million, jumping 71.2% from the same month in 2022. This was also a new record for the month of May. The number of new listings saw a decrease of 19.1% from May 2022. There were 572 new residential listings in May 2023.
New listings were 3.7% above the five-year average and 3% above the 10-year average for the month of May.
Active residential listings numbered 888 units on the market at the end of May, a large decline of 24% from the end of May 2022.
Active listings were 14.7% below the five-year average and 17.2% below the 10-year average for the month of May.
On a year-to-date basis, home sales totaled 1,258 units over the first five months of the year, declining of 18.6% from the same period in 2022.
“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 Brad Latham, President of the Chilliwack and District Real Estate Board. “Although new supply came in at above-average levels, home sales posted the fifth best May on record. As a result of demand outpacing new supply, overall inventories continued to decline, and the market tightened even further. MLS® HPI benchmark prices are still below levels from one year earlier but with five consecutive monthly gains it can be said with certainty that prices have turned a corner and are on the rise again.”
The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price was $724,200 in May 2023, a reduction of 13.4% compared to May 2022.
The benchmark price for single-family homes was $869,900, a decline of 13.3% on a year-over-year basis in May. By comparison, the benchmark price for townhouse/row units was $600,200, a decrease of 12.9% compared to a year earlier, while the benchmark apartment price was $412,900, down by 10% from year-ago levels.
The average price of homes sold in May 2023 was $811,397, decreasing by 1% from May 2022. The more comprehensive year-to-date average price was $750,019, a decrease of 14.8% from the first five months of 2022.
The dollar value of all home sales in May 2023 was $305.9 million, jumping 71.2% from the same month in 2022. This was also a new record for the month of May. The number of new listings saw a decrease of 19.1% from May 2022. There were 572 new residential listings in May 2023.
New listings were 3.7% above the five-year average and 3% above the 10-year average for the month of May.
Active residential listings numbered 888 units on the market at the end of May, a large decline of 24% from the end of May 2022.
Active listings were 14.7% below the five-year average and 17.2% below the 10-year average for the month of May.
Members - 50 days
Paragon Changes: Active Under Contract
See More
Starting in mid June, members will be able to edit the status value within Paragon® from “Active” to “Active Under Contract” and back again.
Members - 54 days
New Wildfire Clause just in time for Fire Season
See More
Real estate transactions set to complete in an active wildfire zone may be delayed or collapse due to the inability of buyers to obtain property insurance (including fire coverage), and by extension, mortgage financing.