Chilliwack home sales continue to be hot with higher prices and the biggest October numbers ever.
The 353 homes sold in the Chilliwack and District Real Estate Board (CADREB) area last month marked the first time there were more than 300 sales in October.
That number was a 27.4 per cent increase over the 277 sales in October 2016.
“October sales set a new record for that month by a huge margin, smashing the previous record set a decade ago by almost 20 per cent,” said CADREB president Greg Nord-Leth. “With the market still historically very tight, prices continue to log double-digit year-over-year gains.”
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The average unit sold for $466,965 last month up 11.9 per cent over 2016.
Those price jumps mirror similar ones in real estate boards to the west.
The average selling price for a home in Vancouver last month was $1,042,300 up 12.4 per cent from the same time last year, according to the Vancouver board.
The Fraser Valley Real Estate Board saw a similar increase to $971,900, up 11.8 per cent compared to October 2016.
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Price growth in the Fraser Valley and Vancouver was driven by appreciation in townhomes and condos.
CADREB reported that year-to-date home sales totalled 3,495 units over the first 10 months of 2017. This was down 10.1 per cent from the same period last year but still well above the same period in every other year on record.
There were 862 active residential listings, the lowest level for this time of the year since 2004.
That is a record-low 2.4 months of inventory, down from the 3.6 recorded last year and well below the long-run average for this time of year. (The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.)
The average price of a detached home sold in October was $587,640 up 19.2 per cent from $493,144 a year ago.
The average price of a townhouse was $416,338 up 26.9 per cent from $328,035, and an apartment was $220,520 up 25.4 per cent from $175,823.
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