The Chilliwack real estate market is definitely on the rebound.
They just had the best December in eight years for Chilliwack home sales in the MLS system of the Chilliwack and District Real Estate Board, said Jake Siemens, CADREB president.
In terms of units, home sales totalled 163 for December 2014, which represents an increase of just over 50 per cent from levels reported in December 2013.
"This was the eleventh consecutive year-over-year increase, and marked an eight-year high for activity in the month of December," noted Siemens.
Sales of all types numbered 178 units in December, up 47.1 per cent on a year-over-year basis.
"It has definitely been building, and the market is on the rebound," said Siemens.
Those monitoring the trends haven't seen numbers like this since before the global financial meltdown of 2008.
"It's great news for us," he said.
On an annual basis, home sales numbered 2,499 in 2014 — a spike of 21.1 per cent from 2013 totals.
“So 2014 was the best year for home sales in the region since 2007, and momentum continues to build heading into 2015,” said Siemens.
They're also starting to see prices going up.
“After having chipped away at previously elevated levels of supply, the balance of supply and demand has returned to a place where we’re starting to see growth in prices.”
With fewer listings available for buyers to peruse, it means less selection and more competition on prices.
Another factor in the increase is the steady migration of families as well as retirees moving to Chilliwack from points west. The influx is due in part to lower gas prices, and lower real estate prices in Chilliwack.
"The lower gas prices make the commute that much more affordable all of sudden," he said. "I definitely think that will have an impact."
So buyers find they're not only getting a more rural and relaxed lifestyle, but they're saving at least $100,000 compared to an average home in Abbotsford.
The average price of homes sold in December 2014 was $338,919, up 7.2 per cent from last December. The annual average sale price was $308,790, up 2.4 per cent from 2013.
New residential listings numbered 187 units in December, up 46.1 per cent from a year earlier. The size of the year-over-year increase reflects the combination of a drop in new supply in December 2013 and a jump in new supply in December 2014.
There were 1,169 active residential listings on the Board’s MLS® System at the end of December 2014, down 18.1 per cent from December 2013.
There were 7.2 months of inventory at the end of December 2014, down from 13.2 months reported at the same time last year and slightly 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 combined dollar value of home sales in December 2014 totalled $55.2 million, up 61.8 per cent from December 2013. The total value of all properties sold in December was $64 million, up 64.1 per cent on a year-over-year basis.
Important information
The Chilliwack and District Real Estate Board is an association of 283 REALTORS® that provides services to and sets standards for members. The Chilliwack and District Real Estate Board serves Chilliwack, Agassiz, Hope, Boston Bar and Harrison.