Friday, March 7, 2014

Real Estate News

In like a Lion

Chilliwack home sales strong in February

Released by Steve Lerigny, CADREB

 

arch may have come in like a lion, but pleasant weather for much of February clearly had the home buyers out!

 

Home sales in Chilliwack and area jumped last month from 135 sales to 156, but equally important, the dollar value of almost $56.9 million represented a 15% increase, injecting a big boost to the local economy in sales completion and spin-off goods and services.

 

The spike in dollar volume indicates a strong interest in single family homes, said Jake Siemens, incoming President of the Chilliwack and District Real Estate Board (CADREB).

Of the 156 sales last month, 93 were single family detached homes. The most sold (28) were in the $300,000 - $349,999 range, followed by 23 sales in the $350,000 - $399,999 range. There were 8 sales of homes with acreage which contributed greatly to the total dollar volume in sales.

Mr. Siemens, is optimistic about the local housing market in his first days of leading CADREB.

"It's a steady market locally, with no price increases overall. This maintains favourable conditions for both the buyer and seller. We are looking forward to a good spring, given that sales overall are up 14% from this time last year".

Jake Siemens is CADREB's new President as of Valentine's Day, he along with President-elect Chris Kloot, Vice-President Cameron Gemmell will be guiding the board through its 50th year since incorporation.
In order to maintain a buoyant market, a good supply of inventory is necessary. At the end of February, there were 1,454 homes on the local market, down slightly from this time last year.

"The Board has said it before, but it bears repeating - this is an excellent climate for buying or selling. Any one of our 263 local experienced REALTORS (r) would be pleased to provide you with a market analysis on your home".

For more information, visit www.cadreb.com and see the monthly stats on the Voice's main page.

 

Who is CADREB

The Chilliwack and District Real Estate Board (CADREB) is a REALTOR® member association comprised of 270 members with a regional area of Yarrow to Lytton, including Chilliwack, Sardis, Rosedale, Agassiz, Harrison Hot Springs, & Hope.


CADREB and its members are involved in a annual total dollar volume of $631 million dollars of residential sales. This represents the yearly sale of 2132 single family, apartments, townhouses and mobile homes. In addition an average of $40 million dollars of Commercial sales are moved through the Multiple Listing Service each year.1
Further to the direct economic impact from the sale of real estate is the ancillary impact that is created through these sales. It is estimated that a total of $64,500 in ancillary spending (i.e., spending by purchasers on items other than the actual house and land) was generated by the average housing transaction.2 Bringing the total dollar impact to $809 million dollars to the area's economy.


CADREB is a Not for Profit Society that is owned by the REALTOR® members, the board is managed by a Board of Directors using the guidance of its Constitution, Bylaws, Rule of Cooperation, the provincial Spirit of Cooperation, CREA Rules and Regulations, and the REALTOR® Code of Ethics. CADREB manages and maintains the Multiple Listing Service® (MLS®) a member to member cooperative listing service of properties contracted by our members for the sale of real property, which in turn provides listing information to CREA's REALTOR.ca.

 

CADREB ensures that its members are able to receive continuing education through the provincial PDP program. CADREB ensure that its members comply with all rules, regulations and ethical standards by providing a complaint and review process in the form of a commercial tribunal system. CADREB also provides an advocacy program to government on the local, provincial and federal levels looking at areas that are of concern to real estate and the communities we live in.

 

CADREB also works with the community through various REALTORCare™ programs such as; the REALTORCare™ Community Fair with proceeds going to the Chilliwack Hospital and Health Care Foundation, the Realty Watch Program which alerts members to at risk seniors and children, the Annual Blanket Drive which provides warn blankets and clothing to those in need. CADREB also provides the use of the REALTORCare™ tent to various community events throughout the CADREB area.

 

 

 

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