Saturday, September 7, 2013
Real Estate News
Hot August Market
More buyers in August keeps market buoyant
Released by Chilliwack and District Real Estate Board (CADREB)
t was a hot summer not only in temperatures, but in housing sales too!
While hot, sunny summers typically signal a slowdown in housing sales, August home sales in Chilliwack and area were strong.
A total of 184 homes were sold in August, up significantly from 124 sales in the same month last year. The total value of those sales reached just over $54 million, injecting a big boost to the local economy, given the associated goods and services that are required during and after a home sale.
“Over the summer, we saw an increase in demand at some price points,” said Chilliwack and District Real Estate Board (CADREB) President, Jesse Hildebrandt. “We particularly saw a lot of strength in the $300,000 to $350,000 range, where 29 sales were completed. This may be due to indications that interest rates will increase slightly in the fall, and buyers want to take advantage of the current market conditions now to move up.”
Sales were also strong in the $350,000 to $400,000 and $400,000 to $500,000 ranges, each posting 19 sales. There were 14 sales over the half-million dollar mark, including one over $1 million.
The local Real Estate Board is optimistic that the upward trend in sales will continue, as the general economy is getting more robust.
“The U.S. is continuing to show some good numbers, which means that BC exports will increase. That equates to more job growth, which in turn boosts consumer spending,” explained Mr. Hildebrandt. “It’s not a steady upward trend however, it is moving in fits and starts, so in this type of economy, it makes more sense than ever to take advantage of the low interest rates and make an investment in real estate”.
As home sales and prices are based on supply and demand, a strong inventory of homes in various price ranges is key to a vibrant housing market. At the end of August, there were 1,741 residential listings on the market, compared to 1,873 at this time last year.
With the major vacation season now concluding, buyers are now back on the hunt for homes, to be settled in before Christmas. If you are considering selling, don’t miss out on this prime time to contact a local REALTOR® for an assessment of your property value.
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