Friday, April 8, 2016
Real Estate News
Low Interest Rate Props Market
Stats indicate SFH's the hottest sellers
Steve Lerigny, CADREB
f it seems as though “Sold” stickers are showing up as fast as “For Sale” signs are going up, you’re not mistaken. Home sales in Chilliwack and area have reached an all-time record!
In the month of March, an unprecedented 494 homes sold in the area, almost doubling the number for the same month last year, and reaching almost $190 million in dollar value.
“Year-over-year, this translates to an incredible 134% increase in total dollar value, and a 93.7% increase in total residential sales,” said Chilliwack and District Real Estate President Richard Admiraal. “We have never seen anything like this in the history of the Board.”
Single family homes made up a large percentage of total sales (270), with 102 homes selling in the $400,000 - $499,999 range. This was followed by 70 sales in the $300,000 - $349,999 range, representing strong sales in the townhouse market as well. There were 24 sales over the $700,000 mark, including 4 over $1 million.
Low housing inventory remains a challenge, even moreso with the flurry of sales. The number of active listings on the market has fallen below 1000.
“As pricing is driven by supply and demand, this has pushed prices up 25%,” added Mr. Admiraal. “All types of properties have dramatically increased in sales.”
The biggest contributors to the banner month? Continued low interest rates, a strengthening BC economy, and continued interest from buyers to the west, who are looking for home affordability and the lifestyle that Chilliwack and area offers.
Demographic studies indicate that the age group of 20-49 will grow by almost 200,000 in BC, which will increase the need for housing.
While new construction has picked up in recent months, it will have difficulty keeping pace with current market demand. If you are considering selling, be sure to contact any of the 284 qualified and experienced Chilliwack & District REALTORS® to explore your options in this hot real estate market.