Friday, March 4, 2016
Welcome to the Boomtown
February a record-setting month in Chilliwack
Steve Lerigny, CADREB
ebruary may be the shortest month of the year, but this year it was record-breaking for home sales. With 283 home sales in Chilliwack and area, this represented a remarkable 42% increase in sales compared to February of last year.
“It was the highest level of sales ever recorded for the month of February, ever since the Chilliwack and District Real Estate Board began taking statistics,” said Richard Admiraal, the Board’s newly elected President.
Dollar value on home sales last month reached just over $98.3 million, up 54% over February of last year. Sales were strong in all categories, but particularly single family homes, posting 163 sales.
In February, the highest number of homes sold (49) were in the $300,000-$349,999 range, followed by 45 sales in the $400,000-$499,999 range and 43 priced between $350,000 - $399,999. Overall, more homes sold in Chilliwack proper than Sardis.
With such a red-hot market, lack of sales inventory remains a concern. While new listings increased slightly for the first time in months, at 1,021 active listings this is well below the 1,369 listings available at this time last year.
“Inventory, the number of local listings on the market, remains a challenging situation for buyers and their agents,” said President Richard Admiraal. “It’s good to see that sales are up and activity strong, and it is fair to say that with a robust market and limited inventory, prices are likely to continue to edge upward”.
The CADREB President added however that with 38% of Chilliwack residential sales under $300,000 there is still plenty of affordable housing in our market, making it especially attractive for people being squeezed out of the market further west.
With job growth and strong consumer confidence in Southern BC, the housing market is expected to remain brisk in Chilliwack and area over the coming months.
Chilliwack's Real Estate agents have adjusted to this market and have specific expertise to help Buyers. Meanwhile, savvy sellers looking to capitalize on the current market are invited to contact any of the 283 qualified REALTORS® of the Chilliwack and District Real Estate Board for an up-to-date assessment of your home’s value.
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