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Current: Chilliwack (+Yarrow, Rosedale, and Sardis) is in a Seller's Market with average listing inventories, 18 %SOLD rate, and the Sale Price/List Price=98%.
(This means that there is an average of $18,444 decrease on a sale from the original list price)Lesson
Most Active Range: Homes between $1,075,000-$1,200,000 have 22.3 %SOLD rate.
Least Active Range: Homes above $1.6 mill have 9.9 %SOLD rate.
History: The Chilliwack Year-To-Date Home Price Index HPIp (Top 50%) shows that prices decreased $47,000.
The Chilliwack Year-To-Date Home Price Index HPIp (Lower 50%) shows that prices increased $60,272.
*The HPIp (Home Price Index) is an approximate reflection of the Average Home Price Changes.
Forecast: Chilliwack has average Listing supply; 565 homes are for sale and with the 18 %SOLD monthly rate gives us a ~6 months of inventory. 24% of the Active Listings have reduced their price by $39,485 on average or $25,500 on median. We project Chilliwack Detached to be a continued Seller's market.
Greater Vancouver June 2024:
In Greater Vancouver, the price of single-family homes went up by an average of $9,848, which is a substantial reduction from the $22,450 increase in May. The housing market continues to experience pressure as home buyers are still waiting for a bigger drop in interest rates, which we are now expecting this fall. We predict that the Metro Vancouver area is now a buyer's market and will stay that way for the next few months.
Last month, the average price of condos went down by $7,295, but townhouse prices actually went up by $2,120. We think the condo and townhouse markets have stabilized and will be a buyer's market in Vancouver for the next few months.
For the latest market trends, join us every Saturday at noon on VancouverMarketReports.com. We discuss which areas in the Lower Mainland are doing well and which are not. For a complete update on market values, forecasts, and a detailed analysis of your neighborhood, contact Bill Coughlin and the Coughlin Team at 778-374-3744.
Fraser Valley June 2024:
In Fraser Valley, the price of single-family homes increased by an average of $1,063, which is a similar increase that we saw in May. The housing market continues to experience pressure as home buyers are still waiting for a bigger drop in interest rates, which we are now expecting this fall. We predict that the Fraser Valley area is now a buyer's market and will remain so for the next few months.
Last month, the average price of condos went down by $5,499, and townhouse prices also decreased by $2,253. We think the condo and townhouse markets have stabilized and will be a buyer's market in Vancouver for the next few months.
For the latest market trends, join us every Saturday at noon on VancouverMarketReports.com. We discuss which areas in the Lower Mainland are doing well and which are not. For a complete update on market values, forecasts, and a detailed analysis of your neighborhood, contact Bill Coughlin and the Coughlin Team at 778-374-3744.
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