Thursday July 7, 2011
Real Estate News
Home Sales Heat Up A Cool Chilliwack June
CADREB Pres Anderson says summer market looking rosy
Released by Steve Lerigny, CADREB
he cool, wet weather in June may not have been good for the beach, but apparently it was good for house hunting, as sales jumped past last year's level for the first time this year.
A total of 230 homes sold in June in Chilliwack and area - up significantly from the month before and surpassing last June's 224 sales.
"We are encouraged to see positive growth for the first time this year," said Chilliwack and District Real Estate Board (CADREB) President Mark Andersen.
"Following the recent economic downturn, we are seeing a return to stable market conditions and a continuance of low interest rates".
Andersen added that while interest rates are expected to end the year slightly higher than now, the Bank of Canada is not showing signs of moving the rates up significantly.
With an inventory of more than 1,820 homes on the market, the selection is excellent and the listings represent a wide range of prices.
Of the 230 sales last month, the highest number (37) were homes in the $350,000 - $399,999 range, followed closely by 35 sales in the $400.000 - $499,999 range and also 35 sales on homes in the $300,000 - $349,999 price
"What that is telling us is that there are great values in move-up homes and new construction" said Andersen. Due to a sluggish spring, sellers are motivated and buyers can get so much more for their buying dollars".
While home sales typically slow down in the summer, the CADREB President anticipates that with the better market conditions, Chilliwack and area should fare well over the summer as families seek out larger and newer homes
in time for the new school year.
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