Chilliwack home sales on track to double last year’s total

Records continue to tumble in Chilliwack’s red-hot real estate market.

he number of sales in the first five months of 2016 are up 74 per cent over the same period last year

he number of sales in the first five months of 2016 are up 74 per cent over the same period last year

Records continue to tumble in Chilliwack’s red-hot real estate market.

The number of sales in the first five months of 2016 are up 74 per cent over the same period last year, says the Chilliwack and District Real Estate Board.

In fact, the total number of home sales from January to June are where they typically are after 12 months, CADREB says.

In an average year, home sales hover around 2,000 units, the board says. In the first five months of this year, sales have totalled 2,014.

“With a couple of exceptions, most years since 2008 have seen about 2,000 homes trade hands annually in the region, so the fact that we’ve already seen more than 2,000 sales take place in just the first five months of this year really drives home just how strong demand is at the moment,” said Richard Admiraal, president of the Chilliwack & District Real Estate Board.

May was another busy month, falling just two sales shy of beating April’s historic mark for the total number of sales. Nonetheless, sales were still nearly 65 per higher than the same period last year.

The average price of homes sold in May 2016 was a record $414,653, CADREB said – up 29.1 per cent from last May. The less volatile year-to-date average price was $387,693, up 20.3 per cent from the first five months of last year.