Friday, July 4, 2014

Real Estate News

June Heat Wave

Chilliwack bucks summer trend 

Released by Steve Lerigny/Photo CADREB Pres Jake Siemens

 

ast month proved to be the hottest real estate sales month in seven years! A whopping 286 houses of all varieties sold in Chilliwack and area in June, edging out the previous month’s impressive tally and far outpacing May 2013, which saw 215 sales.

“The second quarter is proving to be very strong,” said Jake Siemens, President of the Chilliwack and District Real Estate Board (CADREB). “On a year-to-year comparison, unit sales are up by just over 20%, and all indications are for the market to continue trending upward”.

Of the 286 sales last month, the highest number (43) were in the $300,000 - $349,999 range, followed by 31 sales in the $350,000 - $399,999 range and equaled by those in the $400,000 - $499,999 span. There were 23 sales over the $.5 million mark, and three over $1 million.

The average price of a home within CADREB's boundaries is $320,503 with Chilliwack proper at $303,302 and in Sardis, $348,779. The average number of days on market continues to fall due to supply and demand – single family homes are on the market an average of 44 days, and townhomes 49 days.

“While historically, home sales tend to take a dip in the summer due to family vacations and summer activities, we expect to see a strong local market continue, as the economic indicators look good,” said Siemens.

“With the increased competition, there are some excellent deals out there. It bears repeating – real estate is one of the soundest investments a person will make in his/her lifetime, and the timing has seldom been better!”

For a information on buying or selling, contact any of the 269 qualified and experienced, local REALTORS®.

 For more information, visit www.cadreb.com

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