July 2024 Real Estate Market in Abbotsford and Chilliwack Shows Steady Growth with Balanced Market Conditions.
Market Conditions
The real estate market in both Abbotsford and Chilliwack for July 2024 reflects balanced market conditions. The market condition was determined by calculating the months of inventory, which is derived by dividing the number of active listings by the number of units sold.
Abbotsford has approximately 5.51 months of inventory, placing it in a Balanced Market.
Chilliwack has approximately 5.65 months of inventory, also indicating a Balanced Market.
In general, 0 to 5 months of inventory indicates a seller's market, 5 to 8 months indicates a balanced market, and above 8 months indicates a buyer's market.
Both Abbotsford and Chilliwack have experienced modest growth in median sales prices over the past year, with increases of 9.11% and 5.22% respectively. However, recent month-over-month changes show a slight decline in median prices.
Unit sales have also decreased compared to the previous month, while active listings have risen, particularly in Abbotsford, indicating a market adjusting to new demand levels.
The average annual percentage increase in median sales price over the last 10 years for all home types is approximately 10.01% in Abbotsford and 13.00% in Chilliwack.
ABBOTSFORD
Single Family Homes: In Abbotsford, single-family homes continue to show robust growth in median sales prices, with the current median at $1,150,000. Over the last year, the trend indicates a steady increase of 9.11%. The current active listings suggest a healthy inventory of 1,003 homes, while 182 units were sold, reflecting the market's adjustment to new demand levels.
Townhomes: The townhome market in Abbotsford remains resilient, with a median sales price of $712,000. Prices have shown a solid increase of 8.4% over the last year. Active listings have increased, providing more options for potential buyers, although the recent dip in sales suggests buyers are being more selective in their purchasing decisions.
Condos: Condos in Abbotsford have a current median sales price of $426,250, with an upward trend showing an increase of 7.4% over the last year. Active listings for condos stand at 1,003, while unit sales have moderated at 182, suggesting that the market is stabilizing after a period of rapid growth.
CHILLIWACK
Single Family Homes: Chilliwack's single-family home market continues to experience growth, with the current median sales price at $867,000. Over the last year, prices have risen steadily. Active listings have increased to 1,322, offering more inventory to potential buyers, while 234 units were sold, indicative of a more balanced market.
Townhomes: The median sales price for townhomes in Chilliwack is $630,000, showing consistent growth. The market has maintained a steady trajectory, with active listings rising slightly and unit sales remaining stable, reflecting a balanced market where supply and demand are in equilibrium.
Condos: The condo market in Chilliwack has a current median sales price of $409,372. Prices have increased noticeably over the last year. Active listings have risen to 1,322, and sales have remained consistent at 234, suggesting that the market is well-balanced, with demand matching the available inventory.
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