Wednesday, December 4, 2013

Real Estate News

Supply & Demand Dictate Prices

November sales drop with temperature

Released by Steve Lerigny, CADREB/Voice file photo Jesee Hildebrandt

 

ome sales have cooled with the temperature, but as 2013 draws to a close, the local Real Estate Board looks forward to a new year with optimism.

“There are several economic indicators that the worst is behind us,” said Chilliwack and District Real Estate Board (CADREB) President  Jesse Hildebrandt, in reference to the latest economic slowdown. 

“To the south of us, there is continued strength in the job market and retail spending, and largely due to its more stringent lending practices, Canada has weathered the economic storm.”

Home sales dipped locally last month, to 130 from 166 in November 2012. By far the most sales (32) occurred in the $300,000 - $349,999 range, followed by 14 sales ranging from $400,000 - $499,999. Single family detached homes comprised almost 80 of the 130 sales recorded last month.

According to statistics compiled by CADREB, the median price for a single family resale home in Chilliwack and area fluctuated or remained the same depending on which area you live in. In Chilliwack, the median price for a single family resale home rose from $270,000 in November 2012 to $309,000 last month; in Sardis, the average price was down only marginally to $361,000; in Hope, the average price for a single family resale home rose to $230,000 from $213,750, while in Agassiz, the price fell to $260,000 from $313,688.

Mr. Hildebrandt was quick to caution however, that home prices are reflective of supply and demand, and the largest factor that influences price is the number of sales for which to draw an average.

The executive and 267 licensed REALTORS® of CADREB wish everyone the best of the holiday season, and don’t forget to send in nominations of your friends and neighbours’ homes for entry in the annual CADREB Christmas Lighting Tour.

And, the Board extends its thanks to its members and the public for making this year the best ever for the annual Blanket Drive – a record 544 bags of warm clothing and blankets were collected for distribution to our respective community’s vulnerable families.

 

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