Here is the news release. Here are the numbers.
MLS® home sales activity in the area served by the Chilliwack and District Real Estate Board was up on a year-over-year basis for the third consecutive month in July 2009, posting the largest gain in four years.
According to statistics provided by the Board, MLS® home sales numbered 255 units in July 2009, jumping 42 per cent from the weak moth of July last year. This is the third year-over-year activity increase in as many months, and the largest since August 2005.
Sales were up on a month-over-month basis in the June-July period for the first time in six years. As a result, seasonally adjusted sales rose 14 per cent in July 2009 compared to June (seasonal adjustment removes normal seasonal variations). Seasonally adjusted activity has more than doubled since reaching an eight-year low last December.
“Consumers are becoming more confident,” said Jim Adam, President of the Chilliwack & District Real Estate Board “Recovering demand is drawing down the supply of homes for sale. This is firming up the market, and helping to stabilize prices.”
The combined dollar value of MLS® home sales in July 2009 totalled $77 million. This is also up 42 per cent from levels in July 2008.
Total MLS® sales numbered 274 units in July, an increase of 42 per cent from year-ago levels. The total value of all MLS® properties sold in July 2009 was up 48 per cent to $82.7 million.
The MLS® residential average price for homes sold in July 2009 was $302,133, virtually unchanged (up $210) from year-ago levels. Even so, this is the first increase in average price in more than a year.
The number of new residential listings on the Board’s MLS® system numbered 410 units in July 2009, down 19 per cent from July 2008. This is the seventh consecutive decline in new listings, all of which have been greater than 15 per cent.
Active listings continue to retreat from their elevated levels of 2008, posting a fifth year-over-year decline in as many months. There were 1,449 active residential listings on the Board’s MLS® system at the end of July 2009, falling 29 per cent from year-ago levels. This is the largest decrease in more than nine years.
The number of months of inventory stood at 5.7 months in July 2009, which remains down significantly from the recessionary peak of 24.2 months last December. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
The Chilliwack and District Real Estate Board is an association of 283 REALTORS® that provides services to and sets standards for members. The Chilliwack and District Real Estate Board serves Chilliwack, Agassiz, Hope, Boston Bar and Harrison.