Friday, Mar 3, 2017
Market lukewarm despite a cold February
Steve Lerigny, CADREB
he worst February weather in decades appears to have held back some home buyers last month, but local Real Estate experts remain confident as Spring approaches.
“With baby boomers looking to our area for retirement and more affordable housing for millennial families, we expect the housing market in Chilliwack to continue to be in a strong market for the foreseeable future”.
Last month, 217 homes sold, compared to 283 in February of 2015. However, the dollar value only dropped by $6.5 million, indicating higher prices.
Of the 217 sales, the highest number sold (49) were in the $400,000-$499,999 range, followed by 40 sales in the $500,000-$599,999 range. Two properties sold over the $1 million dollar mark. There were seven sales of houses with acreage.
A lack of housing inventory continues to be the trend over the past few months. At the end of February, there were 787 active listings on the market, compared to 1,021 at the same time last year.
“As the housing market is driven by supply and demand, there may be upward pressure on home prices due to the low inventory levels,” added Mr. Nord-Leth. “In fact, the average house price is up 21% on a year-to-year basis, the largest jump in some time”.
The local Board is optimistic that more listings will come with the signs of Spring. If you would like to take advantage of this great opportunity to list your house, be sure to contact any of the 293 qualified and experienced REALTORS® of the CADREB for a no-obligation consultation.
Following an earlier career in broadcasting, new President Mr. Nord-Leth himself has been a REALTOR® with Royal LePage Wheeler Cheam Realty since 2003. Married with two children, this is Mr. Nord-Leth’s third year serving on CADREB.
For more information, visit www.cadreb.com
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