Ben Truscott Real Estate Report - May 2022

Hi Everyone!

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!
Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.