Chilliwack real estate sales continue to be hot with record low listings.

Chilliwack real estate sales continue to be hot with record low listings.

Chilliwack real estate prices soaring amid record-low listings

Average sale price in January 2017 up 38 per cent over a year ago to $432,043

Chilliwack real estate continues to be a hot commodity with steady sales, diminishing listings and a huge jump in prices.

There were 182 sales in January 2017 in the Chilliwack and District Real Estate Board (CADREB) area, just a fraction more than the 178 in January 2016.

But year-over-year sales prices jumped 38 per cent to an average of $432,043 last month up from $312,424 a year ago.

And at just 747 listings it’s just the second January in the last decade that saw listings below 1,000.

CADREB president Richard Admiraal says the “sales frenzy” seen last spring is not likely to materialize again in what is now a “stabilized market.”

Admiraal pointed out with the high prices and demand sticking around, now’s the time to list.

“There are buyers on the sidelines looking to buy in the current market, which is still very much favouring sellers,” he said in a press release. “It’s a great time to list and take advantage of higher valuations and limited inventory.”

At least some of that demand, particularly for single family homes, is coming from markets to the west. While the number of sales in the relatively small CADREB area increased 2.2 per cent year over year, sales dropped 27.1 per cent in the Fraser Valley Real Estate Board (Abbotsford to Surrey) and sales were down 39.5 per cent in the Greater Vancouver Real Estate Board.

Of the $78.6 million in sales last month locally, 57 per cent were single family homes, 23 per cent townhouses and nine per cent apartments.

Of the 182 sales last month, the highest number (39) sold were in the $400.000 to $499,999 range, followed by 29 sales in the $350,000 to $399,999 range. There were 17 sales over the $700,000 level, including three over $1 million.

Admiraal noted that the B.C. government’s recent change to the property tax for foreign buyers will likely have a net positive effect on the market, and the local board is looking forward to a stable market ahead.