Current: Chilliwack (+Yarrow, Rosedale, and Sardis) is in a Stable Market with average listing inventories, 13 %SOLD rate, and the Sale Price/List Price=98%.
(This means that there is an average of $18,944 decrease on a sale from the original list price)Lesson
Most Active Range: Homes below $800,000 have 17.7 %SOLD rate.
Least Active Range: Homes above $1.6 mill have 3.8 %SOLD rate.
History: The Chilliwack Year-To-Date Home Price Index HPIp (Top 50%) shows that prices decreased $34,939.
The Chilliwack Year-To-Date Home Price Index HPIp (Lower 50%) shows that prices deccreased $11,485.
*The HPIp (Home Price Index) is an approximate reflection of the Average Home Price Changes.
Forecast: Chilliwack has average Listing supply; 569 homes are for sale and with the 13 %SOLD monthly rate gives us a ~8 months of inventory. 23% of the Active Listings have reduced their price by $48,716 on average or $30,000 on median. We project Chilliwack Detached to be a continued Stable market.
Greater Vancouver July 2024:
In July, the average price of single-family houses in Greater Vancouver took a dramatic turn. In June, the average price was up $9,848. But then, it plummeted a staggering $13,363 .This dramatic reversal sent shockwaves through the market! Despite the recent two months of lower interest rates, home buyers resistance continues to put pressure on the house prices. We believe that over the next two months, the Metro Vancouver area will continue to be in a Buyer's Market.
While the average cost of townhouses increased by $857 last month, the average cost of condos decreased by $4,911. For the upcoming few months, we forecast that Vancouver's condo and townhouse markets will firmly move into a Buyers’ Market.
For the latest market trends, join us every Saturday at noon on VancouverMarketReports.com. We forecast which areas in the Lower Mainland are going up or going down. For a complete update on market values, forecasts, and a detailed analysis of your neighborhood, contact Bill Coughlin and the Coughlin Team at 778-374-3744.
Fraser Valley July 2024:
July's average price of single-family houses in the Fraser Valley decreased by $8,707, marking the first decrease of the year. Despite the recent two months of lower interest rates, home buyers’ resistance continues to put pressure on the house prices. We forecast that over the next two months, the Fraser Valley will continue to be in a Buyer's Market.
The average cost of condos dropped by $2,755 last month, while the cost of townhouses stabilized. For the upcoming few months, we forecast that Vancouver's condo and townhouse markets have been steady and will be favorable to buyers.
For the latest market trends, join us every Saturday at noon on VancouverMarketReports.com. We discuss which areas in the Lower Mainland are going up or going down. For a complete update on market values, forecasts, and a detailed analysis of your neighborhood, contact Bill Coughlin and the Coughlin Team at 778-374-3744.
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