Active listings in Chilliwack are up by 21% compared to last month and up 47.1% compared to May of 2021. With 218 homes sold in the month of May the sales-to-active-listings ratio is at approximately 18%. It looks like we've finally hit a balanced market!

The Fraser Valley isn't quite what you would consider a balanced market just yet, however, we are a lot closer than we have been since pre-pandemic conditions in early 2020. Total active listings were 5,387 for the month of May with 1,637 homes sold which brings us to a ratio of approximately 22%.

The sales-to-active-listings ratio is used to indicate whether it is a buyers market (less than 12%),  balanced market (12% to 20%) or a sellers market (greater than 20%).

Prices continue to decrease in Chilliwack and the Fraser Valley. Compared to last month the price of Chilliwack detached homes has gone down by 5.6% and 4.8% in the Fraser Valley. Townhomes have gone down 5.8% in Chilliwack and 5% in the Fraser Valley and condos have dropped 13% here in Chilliwack and 7% across the Fraser Valley.

Although prices are decreasing comparing to the more recent months they are still up compared to May of 2021.

Have you been thinking of buying or selling but you're not sure if now is the right time? Give me a call or text at 604-798-3960, I am happy to look into your current situation and provide you will all the details you need in order to make an informed decision!

Active listings have increased by 14.9% in Chilliwack compared to last month and increased 25% compared to April of last year, however, total home sales are down 26.1% compared to last month and down 47.8% compared to April 2021.

With active listings increasing and sales slowing down it could potentially help restore a semblance of balance to the market if this trend continues.

The median price of a Detached Homes in Chilliwack have come down significantly since the beginning of the year. In January the median price of a Detached Home was $1,100,000 which has gone down by approximately 9% to 1,000,000 in April.

Townhomes have gone down as well with a median price of $695,000 in April compared to $775,000 at it's peak in February. That is a 10% decrease.

Condos on the other-hand have risen by 19% since the beginning of the year at $452,500 compared to $380,000 in January. If you own a condo and are thinking about selling, now may be the time!

Fraser Valley Real Estate Board:

"Last month, the Board received 3,622 new listings, a decrease of 27.8 per cent compared to April 2021, and a decrease of 20.9 per cent compared to March 2022. The total month-end active inventory in April was 5,387, 14.6 per cent higher than in March. "

“In an effort to stem inflation worries, the government has moved quickly to implement interest rate hikes,” added FVREB CEO Baldev Gill. “In fact, we’re already back to rate levels we haven’t seen since 2019. This will put an added burden on homebuyers, particularly on first-timers, who will have to meet more stringent stress test conditions. Ultimately, this will likely result in a decrease in demand, which may slow price growth, however it will do little to resolve the underlying issue of low inventory.”

Source: www.fvreb.bc.ca

Have you been thinking of buying or selling but you're not sure if now is the right time? Give me a call or text at 604-798-3960, I am happy to look into your current situation and provide you will all the details you need in order to make an informed decision!

 

 

In other news

Some great information from our partners over at Thrive!

3 Things You NEED to know right now

 

New listings continued to climb throughout March giving buyers a lot more options to choose from. Currently the average price of homes is showing the effects of this market shift with Chilliwack detached homes dropping 4.8%, and townhomes dropping 5.9% from February's peak. In the Fraser Valley board, we see similar drops with -5.9% on detached homes, and -2.2% on condos. On the other hand, the more affordable condos are continuing to rise in price with a 3.75% increase from the previous month. We are hoping that the influx of new listings will contribute to slowing down the price growth. This is good news for buyers, and sellers who want a little more variety to choose from before committing to a sale.

Chilliwack had a total of 861 active listings in March which is an increase of 49.2% since February's 577 active listings. When we compare the active listings to last year we are seeing a 13.7% increase at 861 active listings in March 2022 compared to 757 in March 2021.

Over the Fraser Valley the total active inventory was 4,699 this month, a decrease of 6.2% compared to last years 5,012 active listings, however, 24% higher than last month.

If you've been waiting to sell your home, sooner may be better. With the rise in inventory and the recent rise in interest rates there is a possibility prices could soften.

Have you been thinking of buying or selling but you're not sure if now is the right time? Give me a call or text at 604-798-3960, I am happy to look into your current situation and provide you will all the details you need in order to make an informed decision!

 

 

Active listings are on the rise! If you have been thinking of selling, but waiting for the right moment, this could be it.

When market conditions shift they tend to shift extremely fast, and the fast paced market can be over before you know it.

Over the last month we have seen FAR more listings than previously, while the amount of sales has stayed the same, or even decreased, which means the market conditions are starting to shift away from being a "seller's market" to a "balanced market".

This means that there will be more choices for home buyers and they will not need to write a large amount over the asking price in order to win, and with interest rates rising as well it's possible we could start to see prices lower soon.



If you are thinking of selling, right now you can still get record high prices but that might change soon!

The Fraser Valley is following the same trend with record volume of new listings.

By the end of February the total active listings available for purchase were 3,790, a decrease of 8.0 per cent compared February 2021, however, 62.5 per cent higher than what was available at the end of January. It’s the highest month-over-month increase in active listings in the Fraser Valley in 20 years.

Have you been thinking of buying or selling but you're not sure if now is the right time? Give me a call or text at 604-798-3960, I am happy to look into your current situation and provide you will all the details you need in order to make an informed decision!

As we start off the new year we are slowly seeing an increase in active listings.

Although active listings are still down by 31.6% at 381 in January 2022 compared to January 2021's 577 active listings, we have seen an increase from last month by 34.6% in the Chilliwack.

The Fraser Valley is following the same trend with 2,332 active listings in January 2022 compared to 4,210 in January 2021 which is a decrease of 44.6%. However compared to last month the active listings have increased by 19.2%.

Although it is still early in the year, this is a good sign for buyers. If active listings continue to increase we could see an easing of the supply and demand issue the Fraser Valley has been facing. We still have a long way to go to replenish our housing stock and bring balance to the market, however this is a step in the right direction.

The average days on market continues to decrease from last year at 29 days In January 2022 compared to 38 days in January 2021. That is a decrease of 23.7% for the Chilliwack.

The Fraser Valleys average days on market has decreased by 42.8% with 20 days in January 2022 compared to 35 days in January 2021.

Have you been thinking of buying or selling but you're not sure if now is the right time? Give me a call or text at 604-798-3960, I am happy to look into your current situation and provide you will all the details you need in order to make an informed decision!

The market remains strong in the Fraser Valley with a total of 23,917 sales year to date compared to 15,680 last year, which is a 52.5% increase!

Chillliwack is following the same trend as the Fraser Valley at a total of 4,253 sales year to date compared to 2,838 last year which is an increase of 49.9%

We are seeing a combination of above-average sales with below-average new listings which is putting pressure on home prices.

This is creating a challenging time for buyers who not only are dealing with lower than average inventory but are also facing above-average prices that are continuing to rise.

The Fraser Valley is in need of more listings with only 3,447 active listings in October 2021 compared to 6,872 in October 2020. That is a decrease of 49.8%.

Chilliwack has also decreased 46.9% in October 2021 with only 495 active listings as opposed to 932 in October 2020.

If you or someone you know is thinking of selling, now is a great time to get maximum profit on listing their homes.

If you have any questions about listing your home or if you would like a free, no-commitment evaluation please feel free to call or text me anytime at 604-798-3960

As the market continues to soften we are seeing a lot more buyers than sellers, in fact, it is the lowest inventory we've seen in forty years.

Demand for homes has remained above average which leaves us with a lot of buyers and not enough listings to keep up!

If you have ever thought about selling now is a great time seeing as there are a lot of buyers just waiting for the perfect place to call home.

If you have any questions about listing your home or if you would like a free, no-commitment evaluation please feel free to call or text me anytime at 604-798-3960