Wednesday May 4, 2011
Real Estate News
April Showers Dampen Home Sales
CADREB reports sluggish market last month
Submitted by Steve Lerigny, CADREB
is typically a busy month for real estate transactions, but the focus on the
federal election and a cool and wet start to Spring were the likely culprits
that contributed to a moderate month for home sales in Chilliwack and area.
A total of 187 homes sold last month, down slightly from the month earlier
and down significantly from the 233 sales during the same month last year.
"Aside from stronger sales in some larger metropolitan areas, the normalization of the housing market occurred in several provinces across the country," said Mark Andersen, President of the Chilliwack and District Real
Estate Board (CADREB).
Of the 187 sales in April, the highest number (30) were in the $300,000 - $349,999 range, followed by 26 sales in the $350,000 - $399,999 range. There were 11 sales of homes over the half-million dollar mark.
"What this shows is that buyers are taking advantage of the competitive prices caused by the normalization of the market, and are getting a lot of bang for their buck," said Mr. Andersen.
"With continued low interest rates and a wide inventory of homes on the local market, we look forward to a couple of busy months ahead," he added.
Almost 470 homes joined the roster of new listings last month for a total of 1757 active listings.
While it remains a buyers' market, the CADREB President has some sound advice for sellers - sharpen your pencils!
"It's very competitive out there with lots of selection in various price ranges, so more than ever, sellers need to listen to the advice of a professional REALTORR to ensure that their home is priced right for market conditions and is in proper alignment with comparable homes that have recently sold".
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