Tuesday June 7, 2016 

 

Real Estate

Local Market Sizzling

Apt sales looking better

Steve Lerigny, CADREB

 

s the momentum continues in a strong seller's market, Chilliwack and District officially has one of the most active real estate markets in the country!

 

The month of May saw 529 sales, representing a year-over-year 61 percent increase in sales. Including residential and commercial sales, this represents over $235 million in value.

Of the residential sales, the highest number sold (98) were in the $400,000-$499,999 range. Interestingly enough, according to Chilliwack and District Real Estate (CADREB) President Richard Admiraal, this is still considerably less than the average MLS® residential sale price in the province.

“On average, BC housing prices are forecasted to increase 20.4 percent to $766,600 this year, and a further 3.4 percent in 2017, according to BC Real Estate Association’s Chief Economist.

While prices in Chilliwack and area have gone up due to supply and demand, we are still far more affordable than the metro areas, and are seeing large numbers of buyers from priced-out areas closer to Vancouver”.

The next highest number of sales (71) were in the $500,000-$599,999 range, followed by 62 sales in the $300,000-$349,999 range, representing a broad choice of housing options.

While single family houses posted strong sales last month, apartment sales are increasing in number as well, with a 45 percent increase in grand total value compared to May of last year. 

“This trend is likely to continue as condos in Chilliwack represent a smart and affordable lifestyle option and are often within walking distance of excellent amenities,” added Mr. Admiraal.

Also, there were three times as many vacant land properties sold as compared tothe previous year. New home construction has ramped up to meet the extraordinary demand for housing in Chilliwack and throughout the southwestern section of the province.

It definitely remains a sellers’ market, as the number of active residential property listings for sale at the end of May was only 947, which is 549 fewer than a year ago. 

“Newly constructed homes will, in time, increase inventories of available homes for sale. Meanwhile, sellers can continue to take advantage of the significant demand to achieve optimal sale prices.”

 

 

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