Chilliwack’s scorching hot real estate market shows no signs of easing. If anything it’s heating up even more as we get into the spring.
According to the latest report from the Chilliwack and District Real Estate Board (CADREB), 681 homes/properties sold in March, many going in the blink of an eye. While the average number of days on the market for a local listing is seven, many sellers have received offers on the first day the realtor’s sign goes up.
Multiple offers are becoming commonplace, with the rush to buy fueled by low housing inventory. At the end of March, there were 666 active listings, which is close to historical norms (662 in 2017 and 704 in 2018) but well below the 950 that were listed at this time last year.
“The market demand is still outpacing supply, which keeps the prices buoyant,” said CADREB President Andrew Verschuur. “As working from home during the pandemic has become a long-term viable option for many, realtors are seeing a significant influx of buyers coming from the metro areas, because home ownership is within reach for them here.”
Prices continue to increase across the board. The value of a single family home was $762,065 in January and $791,606 in February and now sits at $841,894.
“The median sales price is up 39 per cent from the same time last year, now averaging $729,999,” Verschuur noted. “This points to the need more than ever to get pre-approved if shopping for a home. It’s important that homebuyers have a recent financial evaluation, as qualifications have tightened over the past year.”
Sixty five of March’s sales came in the 800,000 to $850,000 range, followed by 53 sales in the $750,000 to $800,000 range. Seventy two homes sold for more than $1-million and five went for more than $2-million.
Prices on townhouses and condominiums have risen as well, but not at quite the same rate, particularly for the former.
Townhouses that sold for an average of $557,973 in January now sell for just a nudge more at an average of $561,673. Condominiums that sold for an average of $266,146 in January now sell for an average of $318,441.
March’s completed sales in all categories, from mobile homes to homes with acreage, reached $486.85 million in total dollar value.
“The spinoff effects from this are significant to the local economy, and much needed at this time,” Verschuur said.