Tuesday, May 6, 2014

Real Estate News

Fresh Markets

New Chilliwack listings lead strong April sales

Released by Steve Lerigny,CADREB/Photo Pres. Jske Siemens

 

ntry level priced homes made a strong showing in April home sales, boosting sales to 240 for the month, up significantly since last month and almost 50 more than the same month last year.

 

Continued stable, low interest rates and signs of job growth helped to solidify important economic indicators and boost consumer confidence, according to the Chilliwack and District Real Estate Board (CADREB) President, Jake Siemens.

 

"In general, the province is showing some noticeable signs leading to economic recovery. The commercial market is steady, which should lead to stronger job growth, and will be reflected in a stronger residential real estate market. We expect our current trend to continue over the next few months".

New listings are coming onto the local market, but they are getting quickly absorbed by those looking to buy their first home or investment properties. Sales were especially brisk in the single family detached category, posting 131 sales out of the 240 homes sold in April.

The highest number of homes sold (31) were in the $300,000 - $349,999 range, followed by 29 in the $350,000 - $399,999 range and 28 in the $400,000 - $499,999 category. There were 10 homes over $500,000 sold last month.

"The sales to listing ratio is at 15%," said Mr. Siemens. "That indicates a balanced market, and if interest rates remain stable over the next few months, we are looking at a very positive real estate market locally for the remainder of the year".

At the end of April, there were 1,643 active listings on the Chilliwack and area real estate market. Despite sales being considerably higher than the same time last year, there were 1,727 listings on the market in April 2013.

If you are considering listing your home, be sure to contact any of CADREB's 262 experienced local REALTORS(r) for a no-obligation assessment and advice.
 

 

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