Tuesday, Nov. 4, 2014
Real Estate News
Hope Market Shows Strength
Commuters, retirees moving to the Upper Fraser Valley
Released by Steve Lerigny, CADREB/File photo Pres. Jake Siemens
strengthening housing market in Hope helped push October home sales up again last month, and helped contribute to a significantly higher tally in a year-over-year comparison.
A total of 232 homes sold last month in Chilliwack and area, well up from October of 2014 with its 177 sales. Total sales at this juncture in the year are up a whopping 31 percent. A major contributor to October’s tally was the Hope area, which posted a 39% increase in sales.
“Affordability in the Eastern Fraser Valley is increasingly more attractive to commuters and retirees,” said Chilliwack and District Real Estate Board (CADREB) President, Jake Siemens. “There are many beautiful and scenic locations in Hope, and whether a retiree chooses that area for retiring or as a home base with part of the year travelling, they can buy so much more with their retirement dollars than in a metropolitan area.
Of the 232 total sales last month, the strongest by far were single detached homes (142 sales), reflected by 35 sales of homes in the $350,000 - $399,999 range, followed by 28 sales in the $400,000-$499,999 range. There were 14 sales over $500,000, including one over $1 million.
The total value of all units sold in October added up to just under $72 million, contributing greatly to the local economy, in the real estate industry and various supporting goods and services.
“We are finding that more renters are entering or re-entering the real estate market,” Mr. Siemens noted. “It is a wise move, with a stable market and continued low interest rates. There is plenty of inventory at various price points and in many instances, monthly mortgage payments are more affordable than rent payments, even with taxes figured in”.
Anticipated stronger employment growth will channel even more people into home purchases, which has members of CADREB looking forward to the coming months.
At 1,548 listings currently on the market, there is definitely room for more inventory so if you are thinking of listing, be sure to contact any of the 268 qualified REALTORS® with CADREB for no-obligation advice or a property assessment.
For more information please contact President Jake Siemens @ 604-858-1800
Unit Sales for month
Single Family Resale, Median Price
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