Thursday, June 5, 2014
Home Sales Heat Wave
May market in Chilliwack on the up tick
Released by Steve Lerigny, CADREB/Voice file photo Pres. Jake Siemens
halk up another strong month of real estate activity in Chilliwack and area! It appears the warm, sunny weather brought out the buyers in both the residential and non-residential markets, as a whopping 278 home sales were completed last month, up 50 from the month before.
“The Spring market is proving to be very strong,” said Jake Siemens, President of the Chilliwack and District Real Estate Board (CADREB). “Sales are definitely rebounding after the first quarter, and we are observing that the average days on the market are decreasing slightly”.
The strong sales numbers last month provided a significant boost to the local economy. The 278 residential sales totaled $85.5 million, and when added to just over $9 million in non-residential sales, the grand total of May sales reached over $94.5 million.
Of the 278 homes sales last month, 44 were in the $300,000-$349,999 range, followed closely by 43 sales priced between $400,000 - $499,999. There were 23 sales over the $500,000 mark.
“A modest increase in consumer demand and continued low interest rates have sales coming back to levels seen last fall,” added Mr. Siemens. “Residential volume is up 18% and sales are up 14%, causing a very buoyant Spring market”.
With local home prices edging up one to two percent each year and an increasing inventory, a balanced market is being created, which benefits both sellers and buyers. With 516 new listings joining the local real estate market in May, there are currently 1,745 active listings.
With a wide selection of homes in various price ranges currently on the market, it’s a perfect time to buy your first home, move-up home or investment property.
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