Thursday, August 13, 2015
Local Market Slim Pickens
Sales up, not listings
By Steve Lerigny, Chilliwack and District Real Estate Board/Photo President-elect Richard Admiraal
t a time of year when hot weather and vacations typically equate to a slower time for real estate, housing sales soared past last July's numbers. A total of 308 homes sold last month, compared to 236 in the same month last year.
Sales were up in all categories, according to the Chilliwack and District Real Estate Board (CADREB), in single family homes, town homes, condos, and even houses with acreage.
“Continued low interest rates and consumer confidence in the BC economy are the biggest factors in a continued strong local real estate market,” said CADREB President-elect Richard Admiraal.
“Consumers are spending more in retail sales and the housing market is benefiting from it. However, we need more listings in Chilliwack for this strong trend to continue,’ he added.
The 1,375 listings currently on the market are down by almost 400 listings in July of 2014.
“The lack of inventory is concerning, as buyers are sitting on the fence, waiting for more homes to become available,” says Admiraal.
The highest number of sales (52) were in the $400,000 - $499,999 range, followed by 39 sales ranging from $350,000 - $399,999. There were 37 sales over the $500,000 mark, including 10 over $700,000.
Chilliwack and area’s beautiful setting, strong sense of community and range of affordable housing choices continue to draw new residents from Abbotsford, Langley and points further west.
A strong inventory of all types of housing is needed to continue to maintain a healthy situation of supply and demand. If you are considering a move up during these ideal housing conditions, be sure to contact any of the 272 qualified and experienced REALTORS® of CADREB.
See the monthly sales stats on the left side of the main page. For more information about CADREB, visit www.cadreb.com
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