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Current: Chilliwack (+Yarrow, Rosedale, and Sardis) is in a Stable Market with average listing inventories, 10 %SOLD rate, and the Sale Price/List Price=97%.
(This means that there is an average of $24,900 decrease on a sale from the original list price)Lesson
Most Active Range: Homes below $800,000 have 17.6 %SOLD rate.
Least Active Range: Homes above $1.6 mill have 3.7 %SOLD rate.
History: The Chilliwack Year-To-Date Home Price Index HPIp (Top 50%) shows that prices increased $1,219.
The Chilliwack Year-To-Date Home Price Index HPIp (Lower 50%) shows that prices deccreased $23,908.
*The HPIp (Home Price Index) is an approximate reflection of the Average Home Price Changes.
Forecast: Chilliwack has average Listing supply; 574 homes are for sale and with the 10 %SOLD monthly rate gives us a ~10 months of inventory. 15% of the Active Listings have reduced their price by $41,780 on average or $30,000 on median. We project Chilliwack Detached to be a continued Stable market.
Greater Vancouver August 2024:
The Greater Vancouver's single-family detached home markets are in a strong buyer's market. 83% of the homes are decreasing, resulting in an average $10,723 price drop in August. This is still better than the average decline of $13,353 observed last month. Home sales failed to pick up as house prices are still under pressure from home buyers' lack of affordability, even after the 3/4% interest cuts so far this year. We forecast that the Metro Vancouver area will remain in a buyer's market for the next couple of months.
Townhouse and condo average prices dropped last month by $3,124 and $1,742, respectively. We predict that the condo and townhouse markets in Vancouver will stay in a buyers' market during the next few months.
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 August 2024:
The Fraser Valley's single-family detached homes are in a strong buyer's market. 83% of the homes are decreasing, resulting in an average price drop of $16,574 in August. This is lower than the $8,707 decline the month before. Home sales failed to pick up as house prices are still under pressure from home buyers' lack of affordability, even after the 3/4% interest cuts so far this year. We forecast that the Fraser Valley area will stay in a buyers' market during the next few months.
Townhouse and condo average prices dropped last month by $2,644 and $6,225, respectively. We predict that the condo and townhouse markets in Vancouver will also stay in a buyers' market during the next few months.
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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