Current: Chilliwack (+Yarrow, Rosedale, and Sardis) is in a Seller market with average listing inventories, 32 %SOLD rate, and the Sale Price/List Price=99%.
(This means that there is an average of $4,900 discount on a sale from the original list price)Lesson
Most Active Range: Homes between $550,000 - $640,000 have 75.0 %SOLD rate.
Least Active Range: Homes above $1,200,000 have 20.4 %SOLD rate.
History: The Chilliwack Year-To-Date Home Price Index HPIp (Top 50%) shows that prices increased $357,057.
The Chilliwack Year-To-Date Home Price Index HPIp (Lower 50%) shows that prices increased $255,953.
*The HPIp (Home Price Index) is an approximate reflection of the Average Home Price Changes.
Forecast: Chilliwack has average Listing supply; 262 homes are for sale and with the 32 %SOLD monthly rate gives us a ~3 months of inventory. 8% of the Active Listings have reduced their price by $93,929 on average or $49,900 on median. We project Chilliwack Detached to be a continued Seller market.
The Real Estate bubble burst is over! The Vancouver Market just rebounded from the $17,304 drop in July to a $9,115 INCREASE in August. That is a 77% of Single-Family Home Markets just went up! Why did this turn around? Although the number of sales is normal, we now have the lowest listing inventory since 2011. This lack of listings is partially due to the covid infections/lockdowns resulting in many sellers putting plans on hold. Here in the Fraser Valley 89% of the home market increasing by an average of $29,258. This is the largest August price increase we've seen in the last 11years. This Strong Sellers’ market is a combination of high buyer demand and one of the lowest listing inventories since 2011. We are forecasting that the majority of the Metro Vancouver and Fraser Valley Markets will continue to be a Seller's Market in the coming months.
Currently, Condos are now in a Seller's Market with 63% of the Greater Vancouver (Lower Mainland) Condo Prices increasing $3,264 on average. On the other hand, 68% Townhouse Markets (16 out of 28) prices increased $5,149 on average. 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.