February 4, 2013
Low Interest Rates Helping
leads the way in market stability
Released by Steve Lerigny, CADREB
home sales were sluggish in the Metro areas and western Fraser
Valley, Chilliwack and area was the bright spot for January. Sales
bounced back last month to 125, even surpassing last January's total
Cynthia Admiraal, the
outgoing President of the Chilliwack and District Real Estate Board
(CADREB) is pleased that the conclusion of her term as President is
ending on a positive note.
"Going into the CADREB presidency last February, I felt strongly
that the Chilliwack and area real estate market would continue to
withstand the challenges of a recovering economy, and it did. The
interest rates stayed low, housing prices reflected a stable market,
and inventory remained good".
With no signs of mortgage rates rising significantly in the near
future, the outlook for the local market remains optimistic.
Of the 125 sales last month, the highest numbers(17) were in the
$250,000 - $274,999 range, followed closely by 16 sales in the
$300,000-$349,999 range. There were 9 sales of homes over the
$500,000 mark, including one sale of over $1 million.
Of particular interest was the sale of 9 properties of houses with
acreage - testimony to people willing to make the commute because of
affordableprices, or those fulfilling a dream of a lifestyle with
wide open spaces.
Some 366 new listings joined the roster of current listings last
month, which stood at 1,370 at the end of January. Of the homes that
completed sales in January, townhouses were the fastest to sell,
taking an average of 41.5 days on the market, apartments took 66.8
days on average, while the average of days on the market of detached
homes that sold was 83 days.
With the continuance of record low interest rates and a good
inventory of homes at various price points, it bears repeating - the
time has never been better for the purchase of a home. Be sure to
get pre-approved to take the guesswork out of what you can afford
comfortably, and contact one of the 267 local qualified REALTORSR to
CADREB welcomes its newly elected President Jesse Hildebrandt along
with the 2013 Board of Directors on February 15.
Copyright (c) 2013 The Valley Voice