Hot sales, high prices and low supply continue to be the themes in the Chilliwack real estate market.
The average sale price of a residential property in the Chilliwack and District Real Estate Board (CADREB) in June 2017 was $488,107, up 18 per cent over last June ($412,683), up 42 per cent over the same month in 2015 ($343,333).
That price is also up 44 per cent over the 11-year average of home prices for June since 2007 ($338,185).
Driving the average of sold homes up is those at the higher end of the market. Of the 482 sales last month, 114 were over the $600,000 mark. Of those, 71 were over $700,000 and 18 homes sold in the Chilliwack area for more than $1 million.
While unit sales dropped 15 per cent from the record high volume of last year, from 544 sales to 482, dollar volume still went up.
Not surprisingly, the highest prices are south of the highway in Sardis with a median (different than average) sale price of $605,000. In Chilliwack it was $520,000 and in Hope it was $365,000.
New construction is at a frantic pace in the city and is still trying to catch up with market demand, much of which is coming from homebuyers to the west drawn to the relatively low prices, according to CADREB executive officer Steve Lerigny.
With 956 listings at the end of the month, that’s the second lowest number for a June since 2007 after the 936 in 2016. Over that time, the average number of listings at the end of June was 1,514 putting the current number of listings 37 per cent below normal.
In the Fraser Valley Real Estate Board (FVREB), which represents Abbotsford to White Rock, the average price of a home sold was $751,584 in June, up 5.6 per cent from $711,874 in June 2016.
The average price of a single family home in the FVREB area topped $1 million, with the average in Abbotsford at $768,814.
CADREB said the uncertainty of the new NDP/Green government and the possibility of mortgage rate hikes represent risk to the housing market over the next year.
June CADREB real estate stats 2007 to 2017
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