Tuesday, August 19, 2014

Real Estate News

Hot Houses

Chilliwack residential sales lead way in Lower Mainland

Released by Steve Lerigny, CADREB


t a time when home sales typically cool down, sales in Chilliwack and area are keeping pace with the hot summer temperatures.

In July, a total of 236 homes sold and while down slightly from the previous month, sales solidly outpaced the number of homes sold in July of 2013 by more than 30.

More encouraging is the type of properties selling and the average time on market to sell, according to the Chilliwack and District Real Estate President (CADREB), Jake Siemens.

“Single family homes are still leading the way, which indicates the ability for people to move up,” he explained. “Also, the sale of vacant residential land took a jump, indicating renewed builder confidence in the residential real estate market”.

The average number of days on market for a listed single detached home, town home or condo is between 52 and 59 days, down significantly from a few months ago. In July, the highest number of sales (39) were homes in the $300,00 - $349,999 range, followed by 33 sales in the $400,000 - $499,999 range.

The total value of units sold in July totaled over $75.3 million. The average price of a home in Chilliwack and area is $305,000, seasonally adjusted for the year to date.

The CADREB President notes that in order to maintain a buoyant market, more listings are needed.

“To maintain a good supply and demand situation which benefits both the seller and buyer, more inventory is needed. Despite sales far outpacing last year, we are doing so with 75 fewer home listings on the market than this time last year”.

There are currently 1,750 active listings on the market. If you are considering selling, don’t wait until the fall to list. Public sectors and corporations often do hiring in the slower summer months, which creates an immediate demand for housing.

To find out how much your home is worth in this brisk local market, or to investigate getting into or moving up in the housing market, contact any of the qualified and experienced 265 local REALTORs® with CADREB.

For more information, visit www.cadreb.com

See the current sales stats on the Voice's main page.

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