Sales lagging over 2018 but $530K average selling price steady in the face of tough mortgage rules
It’s more of the same for the Chilliwack real estate market as prices remain steady while sales slump.
There were 273 home sales in the Chilliwack and District Real Estate Board (CADREB) area — Chilliwack, Cultus Lake, Agassiz, Hope and areas in between — in May 2019, which is down slightly from the 280 sales in April and down from the 324 sales in May 2018.
So far in 2019, each month of sales in the CADREB area has seen similar numbers: Lower than 2018, way lower than the boom years of 2017 and 2016, but somewhere close to the 10-year average.
Prices continue to be rock steady with the average selling price of $534,364 close to the $538,999 for the same month last year.
The average selling price for April 2019 was $534,684, again close to $533,020 from a year before.
The federal mortgage stress test continues to be blamed for keeping new prospective buyers out of the market, which is cooling the sales numbers.
For those in the market, there is lots for sale with 1,641 listings at the end of May up 28.5 per cent from the 1,277 listings year over year.
The local real estate story echoes what is happening in the much larger Fraser Valley Real Estate Board and the Real Estate Board of Greater Vancouver. What is somewhat different is that prices are finally dropping in those markets while the average home selling price in Chilliwack has remained the same for close to a year and a half.
Breaking down the 273 sales, the average selling price of the 150 single family homes in May 2019 was $628,518.
The average price of a townhouse sold last month was $434,879, and apartments sold for an average of $291,168.
More and more high-end homes are being sold as well. There were 15 homes sold over $900,000, 10 over $1 million, and one over $2 million.