 |
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 $18,450 decrease on a sale from the original list price)Lesson
Most Active Range: Homes between $950,000-$1,075,000 have 25.2 %SOLD rate.
Least Active Range: Homes above $1.6 mill have 5.8 %SOLD rate.
History: The Chilliwack Year-To-Date Home Price Index HPIp (Top 50%) shows that prices decreased $114,598.
The Chilliwack Year-To-Date Home Price Index HPIp (Lower 50%) shows that prices increased $62,424.
*The HPIp (Home Price Index) is an approximate reflection of the Average Home Price Changes.
Forecast: Chilliwack has average Listing supply; 560 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 $41,272 on average or $29,848 on median. We project Chilliwack Detached to be a continued Seller's market.
Greater Vancouver April 2024:
Single-family detached home costs have increased on average by $11,953, slightly less than the $18,256 average rise observed in March. Although fixed mortgage rates have dropped significantly, it seems that buyer confidence is dependent on the Bank's policy rate falling as well, which could entice some buyers to enter the market. We forecast that the seller-friendly real estate market will switch to a buyers within the month.
In Vancouver, the average cost of 78% of condominiums has declined by $536. However, townhouses are selling for an average of $2,505 presently as opposed to $10,973. We forecast the sellers' market to end within the next month.
For the most accurate and up-to-date market trends, join us every Saturday at noon on VancouverMarketReports.com, where we analyze the winners and losers in each Lower Mainland city. For a comprehensive market value update, including forecasts and a thorough analysis of your neighborhood and local market area, please don't hesitate to contact Bill Coughlin and the Coughlin Team at 778-374-3744.
Fraser Valley April 2024:
Single-family detached home costs have increased on average by $4,367, slightly less than the $13,015 average rise observed in March. Although fixed mortgage rates have dropped significantly, it seems that buyer confidence is dependent on the Bank's policy rate falling as well, which could entice some buyers to enter the market. We forecast that the seller-friendly real estate market will switch to a buyers within the month.
In Fraser Valley, the average cost of 75% of condominiums has gone up by $3,141. However, townhouses are selling for an average of $7,202 presently as opposed to $9,716. We forecast the sellers' market to end within the next month.
For the most accurate and up-to-date market trends, join us every Saturday at noon on VancouverMarketReports.com, where we analyze the winners and losers in each Lower Mainland city. For a comprehensive market value update, including forecasts and a thorough analysis of your neighborhood and local market area, please don't hesitate to contact Bill Coughlin and the Coughlin Team at 778-374-3744.
|
