Friday, April 3, 2015
Real Estate News
SFHs Float the Boat
More listings needed to keep market brisk
By Steve Lerigny, CADREB
arch came in like a lion on the local real estate scene! A total of 255 homes sold last month, a 28% increase over the same month last year, and representing almost $81 million in dollar value.
What’s the big draw to real estate at this time? A number of factors, according to Travis Heppner, Chilliwack and District Real Estate (CADREB) President.
“The economic indicators are looking good right now, so investors are moving forward based on interest rates still being low”.
Heppner added that while affordability is still a big factor in local sales from out of town buyers, he cautions that price increases may be imminent.
“Real estate is fueled by supply and demand. When the market is strong, it creates more competition and nudges prices up. However, Chilliwack and area is firmly planted in a balanced market and historically has not experienced big price swings”.
Another factor appears to be inter-provincial migration, due to the oil-patch downturn. As more people move back or into BC to secure employment, housing needs increase.
Single family homes were the big sellers last month, representing 137 of the total 255 home sales. There was also a noticeable increase in vacant land and commercial sales, reflecting renewed investor confidence.
The largest number of home sales (39) were in the $300,000 - $349,999 price range, followed by 35 sales ranging from $400,000 - $499,999. There were 24 sales over the $500,000 mark, including one over $1 million.
More listings are needed for the current brisk market conditions – at the end of last month, there were 1.488 active listings on the market. A higher inventory assures a good selection of homes at various price points.
With all indicators looking positive over the next few months, it’s an ideal time to talk to any of the 274 qualified and experienced REALTORS® of CADREB about how you can take advantage of the excellent market conditions to buy or sell.
Learn more about Chilliwack and District Real Estate here.
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