Wednesday, November 6, 2013
Real Estate News
'Lacklustre' global economy influences local home sales
Released by Steve Lerigny, CADREB, Photo Pres. Jesse Hildebrandt
f slow and steady wins the race, Chilliwack's real estate market is coming out on top!
A lacklustre global economy is reflected in housing sales, as a respectable 177 housing sales were recorded in Chilliwack and area in October. While down from last month, sales edged up slightly higher from the same month one year ago, and are up significantly from the beginning of 2013.
“At the moment, job growth and retail sales growth is next to nothing,” explained Jesse Hildebrandt, Chilliwack and District Real Estate (CADREB) President. “This equates to a rather flat real estate market, as consumers know that they have time to make their housing choices.”
Mr. Hildebrandt added that with the low interest rate environment showing no signs of upward pressure, no sense of urgency is created in the market.
Of the 177 home sales last month, the highest number sold (22) was in the $400,000-$499,999 range, followed by 21 sales in the $200,000-$224,999 range. There were 11 sales over the half-million dollar mark. Of particular note is an almost tripling of apartment sales, which posted 30 sales.
“This is an indicator that first-time buyers and investors are taking advantage of the low lending rates. That first-time buyer is important, and we are pleased to see more residents being able to take that step”.
Strong sales of apartments/condos may have contributed to the average price of a residence in Chilliwack and area taking a dip to $278,900. Inventory remains steady at just over 1,580 listings, representing homes in various price categories.
In a lackluster market where consumers have the luxury of being choosy, more than ever it is important to make your listing stand out, and be priced right. Sellers are urged to listen to the advice of their experienced local REALTOR® about a realistic price that reflects current supply and demand conditions, and to present their home in the best possible light.
If you are considering buying your first home or taking a step up, your timing couldn’t be better. Contact any of the 266 qualified local REALTORs® with CADREB to set the wheels in motion.
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