JAN 2024 VS. JAN 2023
OVER VIEW OF BRITISH COLUMBIA REAL ESTATE STATS. CONCENTRATING ON CHILLIWACK, BC.
by : Richard Admiraal, REALTOR® on Feb 14, 2024
Despite all the doomsayers, Greater Vancouver, Fraser Valley and Chilliwack and District have held steady year to year, January 2023 to January 2024.
AVERAGE PRICE GROWTH : STEADY.
The average price in Chilliwack was $719,509 in January, 2024 compared to $695,148 in January, 2023. A 3.5% increase.
In the same time period, FV (Fraser Valley) had an increase of 13.3% and GV (Greater Vancouver) had an increase of 7.3%.
This is a steady as it goes year to year growth in real estate valuations.
ACTIVE LISTINGS INVENTORY |
Check Chilliwack and District, listings inventory has lowered 2.7% in January, 2024 compared to previous year’s January.
Notice FV inventory up 16.3% and GV up 9.8%. Not surprising, the market was anticipating additional inventory to start the year.
Chilliwack’s decrease in listing inventory together with an increase in unit sales is something to make note of.
BCREA Chief Economist Brendon Ogmundson discusses the January 2024 statistics for British Columbia in detail here :
There is intrinsic value to real estate found here.
in·trin·sic : belonging to the essential nature or
intrinsic. adjective. in·trin·sic in-ˈtrin-zik, -sik. : belonging to the essential nature or constitution of a thing.
CHILLIWACK AND DISTRICT : RECOMMEND TO BUY.
FV is higher on inventory and higher on average price compared to Chilliwack.
FV average price : $1,009,678 (Jan, 2024)
CHWK avg price : $719,509 (Jan, 2024)
OK (Okanagan) avg $726,110 (Jan, 2024) an 8% increase compared to the previous year’s average price. There is a 19.2% increase in active listings in the Okanagan.
Increases in inventory in all of these areas with the exception of Chilliwack and District where inventory decreased - 2.7%, plus only showing a 3.5% avg sale price growth, steady, but lower than FV and OK.
Chilliwack looks to have upside on average price right now.
SUMMARY THOUGHTS :
For those thinking it won’t last, economy is tough, read above about how real estate property here has intrinsic value and the real estate market in this areas has performed steady as a whole year to year.
Yeah, but interest rates? Real estate here provides good value, just not everyone can afford it right now because of interest rates... true, payment$, commitments...
The thing about owning real estate is that you need a place to live anyways. Owning the place that you live represents your commitment to owning the real estate in the region in which you live. You believe it does have value and it does as proven over and over again on the MLS®, there is an ongoing demand for real estate property in these regions.
TRANSITION MOVE?
You want to own your home, continue to own your own home, but you want a different home now. Your home is going to be your primary residence. By owning this home you will be committing to it, to the property it is on, the location (area), the region. It’s going to be where you live and where you want to live.How to make it happen?
Understandably, your current residence is your home, you are mostly comfortable there, but you’d like a change.
Change is good. Change is good for the whole local economy. #saidtheagent about real estate. Say yes to moving, to selling and buying, we can help you with that.