Monday, February 4, 2013

CADREB News

Low Interest Rates Helping

Chilliwack leads the way in market stability

Released by Steve Lerigny, CADREB

 

hile 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 of 113.

 

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 get shopping!

CADREB welcomes its newly elected President Jesse Hildebrandt along with the 2013 Board of Directors on February 15.


 

 

 

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