Chilliwack real estate market rebounds after slump

Although not yet meeting historic highs, Chilliwack home sales are on a clear upward trend.

Although home sales are still lower than historic highs in Chilliwack, June figures confirm that Chilliwack is on an upward rebound from a slumped market. A total of 215 residential homes found new owners last month, an increase over the 191 sales from June of last year.

“Chilliwack and area has always held its own through some volatile times on the North American real estate market, but our numbers are up not only for the month but overall, based on seasonally adjusted averages,” said Jesse Hildebrandt, President of the Chilliwack and District Real Estate Board (CADREB), in a release.

The market still has a way to go to recover to previous highs of 250 sales in June 2009, 224 sales in 2010, and 230 sales in 2011.

Homes are also still spending more time on the market than five years ago. Single-family detached homes took an average of 71 days to sell by June of this year, compared with only 58 days in 2009. This year’s single-family detached listings sold slightly quicker than last year’s, which stood on the market for 74 days.

The number of active listings also decreased during June 2013, corresponding with the increase in sales. A total of 1,799 homes stood on the market as of last June, compared with 1,871 the year before. Both years are higher than the 1,431 active listings in 2009.

Home sales have been boosted in recent years by record low interest rates, but that may change as the market recovers and pressure on mortgage rates increases, according to Hildebrandt.

“If you are contemplating a home purchase in the next few months, it is imperative that you pre-qualify for a mortgage and that you get the best possible quote on an interest rate and lock it in,” he said.

The median value of a residential home in Chilliwack has fluctuated in recent years, landing on $312,050 during June 2013. That’s an increase from last year’s multi-year low of $297,738.

The highest number of residential sales last month were in the $300,000–$349,999 range, followed by the $350,000–$399,999 range. Six homes sold at under $49,999, and one at over $1,000,000.