The local real estate market went out like a bull in 2019 with hot sales in a month that is typically cold.
The 217 sales in the Chilliwack and District Real Estate Board (CADREB) in December 2019 compares to the 118 one year ago and is 29 per cent higher than the 10-year average of 155 sales for the month.
“CADREB ended 2019 with a better than projected year as far as unit sales go,” board president Kyle Nason said in a press release. “Although the Canadian economy took a slight dip, the B.C. economy is still increasing at 1.5 per cent according to the latest figures.”
In addition to the strong B.C. economy, local Realtors credit low mortgage interest rates and continued migration from the Vancouver for a strong December and a strong year overall.
“Increased consumer confidence helps push those from more metro areas looking for retirement options and affordable family homes out to our area,” Nason said.
The average residential home sale price in December 2019 in the CADREB area – which includes Chilliwack, Cultus Lake, Agassiz, Harrison Hot Springs, Hope, Boston Bar and the rural areas in between – was $530,152.
Of the 217 homes sold, 112 were single family homes at an average price of $606,324. Of the 58 townhouses sold last month, the average selling price was $407,495, and the 30 apartments sold for an average of $273,135.
Eleven homes sold over the $1 million mark, including one for more than $2 million.
The highest number (27) sold were in the $400,000-to-$449,000 range, followed by 26 sales in the $450,000-to-$499,999 range.
Of particular note to the local economy, according to CADREB, is the dollar value that December sales garnered at just over $115 million compared to $57.3 million in December a year earlier.
While sales remain steady, there isn’t much out there to buy. With fewer than 700 homes on the market, that is the second lowest number for month over the last decade.
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