The Chilliwack and Area Real Estate Board released statistics for June 2008 and here is where things stand in the Upper Fraser Valley.
There were 237 residential sales compared to 365 last year for a 35% decrease in sales activity.
There were 1959 active listings as of June 30 compared to 1063 last year at the same time for a whopping 84% increase in inventory.
Months of inventory stands at 8.26 months which is well into the area needed to bring negative price changes.
The press release put out by the board is useless and unprofessional. The CADREB does not compile a benchmark price or track/release median prices so it is difficult to say what the price changes have been so far. Anecdotally we are already at YOY % price declines according to some.