The average selling price of a home in the Chilliwack and District Real Estate Board area in June 2019 was $538, 147. For single family homes it was $628,090. (Black Press file)

Balanced market for Chilliwack real estate continues

Average home sale price up fractionally year over year but up 58 per cent from June 2015

It’s more of the same for the Chilliwack real estate market as sales and prices remain steady year over year, pointing to a balanced market.

The average selling price of $538,147 for last month is just 1.7 per cent higher than $529,157 from June 2018.

• READ MORE: Chilliwack real estate back to a balanced market

And while June is often a big month for sales, with 265 homes sold last month, that’s the lowest since 2013, below the 10-year average of 309 sales for that month. (Skewing those statistics by a large margin are year years of 2016/2017 when sales were 544 and 482 respectively.)

While it’s been steady for more than a year, the rise in prices leading up to the last 12 months or so tells an interesting story. Last month’s average sale price is up 10 per cent from $488,108 two years ago in June 2017, 30 per cent from $412,498 in that same month in 2016. That average sale price of $538,147 is up 58 per cent, or $195,000, from 2015’s average price of $343,367.

Single family home sales continue to dominate the market with 53 per cent of sales. The average single-family home price in June 2019 was $628,090.

The average selling price of the 68 townhomes sold last month was $435,821, and the average of the 31 apartments sold was $308,710.

The rising prices in the CADREB area have inexorably led to the rise of the million-dollar home. While $1 million is right around the benchmark price of a home in the Greater Vancouver Real Estate Board and not uncommon for single-family-homes in the Fraser Valley Real Estate Board, $1 million was previously unheard of half a decade ago.

• READ MORE: Metro Vancouver’s benchmark home price dips below $1M in June

In June 2019, 14 home sold for more than $1 million, 11 of those houses with acreages. In 2018, there were eight that sold for more than $1 million. In the record-breaking years of 2017 and 2016 there were 18 and 11 sold respectively. Before that, five in 2015, three in 2014 and one in 2013.

Prior to 2012 there were none.

• RELATED: Mortgage stress test continues to hinder Chilliwack real estate sales


@PeeJayAitch
paul.henderson@theprogress.com

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