Thursday August 3, 2011

 

Real Estate News

Late Summer Assists Home Sales

$55M changed hands in July which means spin-offs for the community

Released by Steve Lerigny, CADREB

 

hanks to a cool and rainy month, Chilliwack and area posted a robust July in a typically sluggish time for home sales.

 

A total of 179 homes sold in July, up considerably from the 144 sales posted in July of 2010, although down slightly from a month earlier.

According to statistics compiled by the Chilliwack and District Real Estate Board (CADREB), home sales were particularly strong in the middle and upper-end market.

“The local market saw a lot of interest in homes in the mid $300,000 levels and up. Due to strong inventory and continued low interest rates, potential homeowners are taking advantage of this optimum time to negotiate on a move-up house or to buy their first one”, said Mark Andersen, CADREB President.

Of the 179 sales last month, the highest number (30) were in the $300,000 - $349,999 range, followed by 23 sales of homes in the $350,000 - $399,999 range and 21 in the $400,000 - $499,999 level. There were 15 sales of homes over the half million dollar mark.

Inventory remains high, with 1,904 homes currently on the market, at various price points.

“The speculation remains that interest rates will inch up towards the end of the year,” said Andersen. “Home sales typically slow down in August, which means sellers are hungry for a deal.  If anyone is contemplating buying a first home, a move-up home or an investment property, now would be an excellent time”.

The real estate industry contributes significantly to the financial health of communities – the sales in July totaled just over $55 million. The various spin-offs from those sales (transaction and moving costs, furniture sales etc) generate significant revenue for local businesses.

* See the individual stats on main page.

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