Real estate dollar values continue to climb in Chilliwack as average sale prices approach half-a-million dollars.
Sales volume was down in April in the Chilliwack and District Real Estate Board (CADREB) from the record-breaking spring of 2016, but the numbers are still solid particularly considering the relatively still low number of listings.
Last month saw 372 residential sales in the CADREB area worth $171 million, an average sale price of $460,388. That’s up six per cent over March ($432,879), up 12 per cent over April 2016, and up 37.6 per cent over just two years ago in April 2015 when the average sale price was $334,478.
Average sale prices have been rising sharply since the start of 2016, surpassing $400,000 for the first time ever in April 2016.
The balance of activity switched sides of the highway last month with a slightly higher number of sales in Chilliwack proper than in Sardis, although prices in Sardis remain considerably higher. The median sale price in Sardis last month was $585,000 compared to $453,000 in Chilliwack.
More than a third of homes sold last month were over the half-million dollar mark, including 35 between $700,000 and $1 million, and six over $1 million.
And as prices continue to rise in Chilliwack, they still pale compared to all points west. For April 2017, Abbotsford’s benchmark price was $500,000, according to the Fraser Valley Real Estate Board (FVREB).
Mission’s benchmark was $540,900, Langley was $661,400, Surrey was $699,500, North Delta was $781,800 and the entire Lower Mainland was $843,700.
The trend of increasing prices is likely to continue in Chilliwack as people trickle out to the value chasing affordability.
A recent RE/MAX 2017 Spring Market Trends Report, specifically looking at the next door FVREB area, said “move over” buyers from Vancouver are looking further afield for a home.
“The move-over buyer activity we’re seeing in the areas surrounding Canada’s two largest urban centres is a direct response to price appreciation caused by high demand in recent years,” said Elton Ash, regional executive vice-president, RE/MAX of Western Canada. “Price and location are the most important factors to buyers. If the price isn’t right, move-over buyers look to markets where they can find a better balance of affordability and square footage, and still have access to green spaces, transit options, and retail centres.”