Current: Chilliwack (+Yarrow, Rosedale and Sardis) is in a Seller's market with average listing inventories, 21 %SOLD rate and the Sale Price/List Price=98%. (This means that there is an average of a $10,900 discount on a sale from the original list price) Lesson
Most Active Range: Homes below $275,000 have 40.0 %SOLD rate.
Least Active Range: Homes above $825,000 have 11.1 %SOLD rate.
History: The Chilliwack Year-To-Date Home Price Index HPIp (Top 50%) shows that prices increased $90,037.
The Chilliwack Year-To-Date Home Price Index HPIp (Lower 50%) shows that prices increased $92,194.
*The HPIp (Home Price Index) is an approximate reflection of the Average Home Price Changes.
Forecast: Chilliwack has average Listing supply; 538 homes are for sale and with the 21 %SOLD monthly rate gives us a ~5 months of inventory. 20% of the Active Listings have reduced their price by $24,648 on average or $20,000 on median. We project Chilliwack Detached to be a continued Sellers market
May's Real Estate Statistics shows 62% of Vancouver's Detached Markets decreased values this last month. Overall, Single Family Homes in Metro Vancouver experienced an Average Monthly Price much stronger decrease of $16,674 which is a marked drop over the $4,857 increase that we saw in the month prior. On the Average Monthly Price decrease of $4,469, which is a Big-Switch from the $13,418 increase that we saw in the month prior. At the same time, the Vancouver Detached Markets showed a price decrease of $16,674. With many new foreign buyer taxes, the much tougher mortgage lending rules, the higher interest rates, trade tariffs, we are forecasting a Buyer's Market across most Detached Markets.
Currently, the Condo Market is turning from Hot to a cooler market, with 53% of the Greater Vancouver (Lower Mainland) still increasing. 61% of the Townhouse Markets are decreasing (17 out of 28 Markets). The "Fear-OF Missing-Out" buyer emotions of yesterday are now being replaced with the "I-Will-Wait" Attitude. We are forecasting a Stabilizing/ Buyers Market in the lower end Condo/Townhouse Markets for the following months. We analyze and provide 97 individual City's Home Price Indexes to supply you the MOST ACCURATE Market Trends every 2 weeks. Please contact us for your own Market Value Update with an in-depth Analysis and Forecast in your Local Market Area and more specifically - Your Neighbourhood.