Current: Chilliwack (+Yarrow, Rosedale, and Sardis) is in a Seller market with average listing inventories, 30 %SOLD rate, and the Sale Price/List Price=101%.
(This means that there is an average of $50 discount on a sale from the original list price)Lesson
Most Active Range: Homes below $400,000 have 55.0 %SOLD rate.
Least Active Range: Homes above $975,000 have 17.9 %SOLD rate.
History: The Chilliwack Year-To-Date Home Price Index HPIp (Top 50%) shows that prices increased $480,143.
The Chilliwack Year-To-Date Home Price Index HPIp (Lower 50%) shows that prices increased $213,194.
*The HPIp (Home Price Index) is an approximate reflection of the Average Home Price Changes.
Forecast: Chilliwack has average Listing supply; 386 homes are for sale and with the 30 %SOLD monthly rate gives us a ~3 months of inventory. 13% of the Active Listings have reduced their price by $41,619 on average or $25,000 on median. We project Chilliwack Detached to be a continued Seller market.
May's Real Estate Statistics show that the seller's market is near its end. We have seen 86% of the Single-Family Homes in Metro Vancouver go up with an Average Monthly Price increase of $8,840! On the Other Hand, 67% of the Fraser Valley Detached Markets went up with a Monthly Price increase of $9,394 on average! Due to tougher mortgage qualification rules, we are forecasting that the majority of the Metro Vancouver Markets will flip to a Buyer's Market within 2-3 weeks.
Currently, Condos are in a more subdued Seller's Market with 77% of the Greater Vancouver (Lower Mainland) Condo Prices increasing. The average monthly price increase was $6,150. On the other hand, 96% of Townhouse Markets (27 out of 28) increased an average of $7,859. We analyze and provide 97 individual City's Home Price Indexes to supply you with the MOST ACCURATE Market Trends every Saturday. Please contact us for your own Market Value Update with an in-depth Analysis and Forecast in your Local Market Area and more specifically - Your Neighborhood.