Chilliwack’s real estate market finally slowed, ever so slightly, in April. But compared to any historical norms, it remains white hot.
According to the latest numbers from the Chilliwack and District Real Estate Board (CADREB), 562 homes sold in April, compared to 159 at this time in 2020.
Chilliwack had 88 homes go for over $1 million in April 2021, compared to just four in April 2020.
There were nine sales over the $2 million mark and the combined value of all residential properties sold in April hit $421 million.
The average sale price of a single family home rose again, hitting $889,899 after sitting at $762,065 in January, $791,606 in February and $841,894 in March.
The average sale price for a townhouse was an eye-popping $563,674 while condominiums sold for an average of $314,768.
The average price of all homes sold was $749,158.
April also chalked up 27 sales of houses with acreage, a noticeable increase from previous years at this time.
“The Fraser Valley continues to draw people from the more metropolitan areas, where despite robust prices, homes are still much more affordable than closer to major centres,” said CADREB president Andrew Verschuur. “With continued low interest rates and many finding the ability to work from home, houses with acreage are attractive.”
You’d have to look very hard to see any sign of that slowdown we mentioned off the top, but Verschuur did notice one thing.
“We are still seeing multiple offers come in on properties, but the number of offers competing is fewer,” he observed. “We expect the trend of multiple offers to continue for a while longer, as demand is exceeding supply.”
There are currently 696 homes on the market, which sounds like a lot, but it’s up only slightly from the end of March, when there were 666 listings. Verschuur said more inventory is needed to keep up with demand.
“There is a good mix of housing on the market right now, from apartments/condominiums to large homes with acreage,” Verschuur said. “Demand is strong for single family homes and townhouses, so if you are thinking of a move to downsize, there are buyers waiting.”