Wednesday, February 4, 2015

Real Estate

January Sets Precedents

Best month for sales in 8 years

By Steve Lerigny, CADREB

 

henumber of homes sold via the MLS® System of the Chilliwack and District Real Estate Board came in  well above year-ago levels in January 2015.

 

Home sales totalled 134 units in January 2015, an increase of 16.5 per cent from levels reported in January 2014. This was the 12th consecutive year-over-year increase, and marked an eight-year high for activity in the month of January.

 

Sales of all types of properties numbered 142 units in January, up 14.5 per cent on a year-over-year basis.

 

“The market started the year by posting the strongest month of January for sales since 2007,” said Jake Siemens, President of the Chilliwack & District Real Estate Board. “Activity also stood above both the five and 10-year averages for the month. The average home price also posted a modest year-over-year gain in January.”

 

The average price of homes sold in January 2015 was $299,195, edging up 0.7 per cent from last January.

 

New residential listings numbered 351 units in January, down 3.3 per cent from a year earlier.

 

There were 1,268 active residential listings on the Board’s MLS® System at the end of January 2015, down 7.9 per cent from January 2014. Active supply has been trending steadily downward since late 2011.

 

There were 9.5 months of inventory at the end of January 2015, down from 12.0 months reported at the same time last year and below the long-run average for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

 

The combined dollar value of home sales in January 2015 totalled $40.1 million, up 17.3 per cent from January 2014. The total value of all properties sold in January was $41.2 million, up 6.3 per cent on a year-over-year basis.

 

The Chilliwack and District Real Estate Board is an association of 23 REALTORS® that provides services to and sets standards for members. The Chilliwack and District Real Estate Board serves Chilliwack, Agassiz, Hope, Boston Bar and Harrison.

 

For more information, visit www.cadreb.com

 

 

 

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