If you list it, they will buy it.
The sellers’ market in the Chilliwack and District Real Estate Board (CADREB) doesn’t seem to be going anywhere as sales continue to be strong, listings low, and prices high.
There were 355 sales in the CADREB area in July at an average sale price of $474,222. That includes single-family homes, townhouses and apartments, and is actually down slightly over June 2017.
That’s up 18.6 per cent over the average of $399,890 in July 2016. The average for July 2015 was $328,756, and for 2014 it was $319,284.
That’s a 48.5 per cent increase in price in three years.
And while the number of sales were down, it was the second hottest July on record.
“Sales this July could not reach last July’s record, but stood head and shoulders above the same month in all other years so activity remains historically very strong,” said CADREB president Greg Nord-Leth. “Combined with overall supply at a decade-low, it’s no wonder prices continue to push higher.”
Year-to-date home sales totalled 2,482 units over the first seven months of 2017. This was down 15.7 per cent from the same period last year but stood above the same period of every other year on record.
The year-to-date average price was $457,752, up 16.2 per cent from the first seven months of 2016.
One example of a property for sale around the July 2017 average is a four-bedroom, four-bathroom, 2,200-square-foot, eight-year-old townhouse in a complex near Sardis Park. It’s listed at $469,900.
Another is a one-bedroom, one-bathroom, 1,265-square-foot, 1944-built character home downtown Chilliwack listed at $479,900.
Eleven homes sold last month in Chilliwack for more than $1 million.
Demand in Chilliwack continues to be strong particularly because of much higher prices in communities with strong demand to the west.
The average price of a home sold last month in the Fraser Valley Real Estate Board area, which includes White Rock to Abbotsford, was $736,761.
The average sale price of all types of homes in Abbotsford was $547,935.
At 355, there were more sales in the CADREB area than the 290 in Abbotsford last month.
There were 956 active residential listings on the Board’s MLS system at the end of July 2017, up slightly over July 2016 but way below the long-term numbers.