Chilliwack at 7.9 Months of Inventory in May 2008

Well the Chilliwack and Area Real Estate Board released their lowly 1 page statistics package and things aren't looking too bright in the upper Fraser Valley these days if you're trying to sell a home.

May 2008 witnessed a total of 239 residential sales compared to 396 last May for a whopping 40% drop in sales year over year.

May 2008 also saw inventory climb to 1897 active residential listings compared to 1026 last year for a dizzying 85% increase in active listings.

Whoa!

The press release is pretty glum too:

The Board's MLS® system recorded $83,573,500 worth of sales this May. That's a 10 per cent decrease from the total posted this past April, and a 39 per cent drop from the total in May 2007.

A total of 267 properties traded hands through the Board's MLS® system in May 2008, which is eight per cent lower than the total from April and 39 per cent fewer than in May 2007.
"We're seeing low levels of consumer confidence in our region," said Board President Trude Kafka. "These low levels, combined with rising prices for food and fuel, are just a few of the reasons people are not making big ticket purchases."

The total value of home sales recorded through the Chilliwack and District Real Estate Board's MLS® system this May was $75,457,255 – which is 13 per cent lower than the total from April 2008, and 38 per cent below the amount posted in May 2007.

In all, 239 homes were sold through the Board's MLS® system this May. That's 10 per cent less than in April, and 40 per cent less than last May.

The average price of homes sold through the Board's MLS® system this May was $315,721, which is three per cent less than the average from April 2008 and three per cent higher than the average from May 2007. The Board cautions that the average residential price is a useful figure only for establishing trends and comparisons over a period of time. It does not indicate an actual price for a home due to the wide selection of housing available in the area.

A total of 643 new residential listings were added to the Board's MLS® system this May, a 16 per cent jump from May 2007. As the month came to an end, there were 1,897 active residential listings on the Board's MLS® system.