Wednesday, April 12, 2017
Steady as She Goes
Market springs into action
Steve Lerigny, pres. CADREB
While the 363 home sales last month were down from the unusually brisk March of last year which posted 494 sales, on a seasonally adjusted basis, the Chilliwack and District Real Estate Board (CADREB) market is only off 4%.
“Our 10-year average for sales is right on track,” said CADREB President Greg Nord-Leth. “With BC still showing good job numbers and therefore a continued strong economy, we are looking forward to a very robust spring market”.
Of the 363 home sales last month, the highest number (70) were in the $400,000-$499,999 range, followed by 58 sales in the $500,000-$599,999 range. There were 21 sales over the $700,000 mark, 8 of them over $1 million.
“Of particular note, last month was a strong showing in the apartment/condo category, with 73 sales, compared to 46 during the same month last year,” noted Mr. Nord-Leth. “This typically indicates that first-time buyers are entering the market, which reflects confidence in the economy”.
Inventory remains a bit low at 840 current listings. There is strong interest from buyers, particularly from the Metro Vancouver area as home buying dollars stretch much further here.
“While we don’t expect a buying frenzy as we experienced last spring, supply and demand could nudge prices up, so particularly if you are considering your first home purchase, now is an excellent time,” added the CADREB President.
“Continued low interest rates and a wide variety of inventory will likely have you paying far less on a mortgage payment than rent.”
For an assessment of your property, or a consultation on what is available on the market, contact any of the 298 qualified and experienced REALTORS® in the Chilliwack area.