The local real estate market is off to a slow start in 2023.
According to the Chilliwack and District Real Estate Board (CADREB), 120 homes sold through the MLS system last month, 50.4 per cent fewer than Jan. 2022. Home sales were 37.2 per cent below the five-year average and 31.1 per cent below the 10-year average for the month of January.
“To nobody’s surprise, January came in at historically low levels to start the year off, posting the lowest level for the month since 2019,” said CADREB president Brad Latham. “However, looking through the seasonality we are seeing a very small upturn in sales activity, which at the very least is better than a continuing decline.”
Single family homes saw a slight bounce back in average value (AV) despite a drop in units sold. There were 51 sales in January compared to 58 in December, but the AV nudged up to $903,533 after hitting a 22-month low of $814,433 last month.
Year to year, the AV of a single family home has fallen 17.76 per cent from $1,098,710.
There were 37 townhouse sales in January, with the AV dropping 2.82 per cent from $589,254 to $572,609. Year to year the AV of townhouses has fallen 21.03 per cent from $725,138.
There were 22 condominium sales in January, with the AV dropping 2.54 per cent from $364,223 to $354,955. Year to year the AV of condominiums has fallen 13.63 per cent from $410,959.
The dollar value of all home sales in January 2023 was $83.4 million, a big decline of 61.8 per cent from 12 months ago.
As far as inventory goes, the month ended with 820 listings on the market, more than double the 371 from this time last year when Chilliwack was experiencing record-low levels.
“Overall supply levels have rebounded to where they stood back in 2019 after falling to record lows in 2021, and with more plentiful supply on the market the balance has shifted into buyer’s territory,” Latham noted. “Benchmark home prices are still declining but the monthly trend shows signs of plateauing. For sales and prices it looks like it will be low and slow for the time being until sidelined buyers have recovered from the interest rate shocks and the market uncertainty has settled.”
CADREB is an association of 365 realtors covering an area that includes Chilliwack, Agassiz, Hope, Boston Bar and Harrison.