Chilliwack, BC – A sunny and hot month of May helped boost an already hot real estate market in Chilliwack and area. A total of 321 homes sold last month, compared to 278 in May of 2014, representing a 17% spike in year-over-year sales.
Despite one of the best times for sales, inventory has not kept pace. There are currently just under 1,500 active home listings on the market, almost 250 fewer than the same time last year.
“Total inventory is down 14%,” said Travis Heppner, Chilliwack and District Real Estate (CADREB) President. “This is somewhat puzzling, as there is so much demand for housing right now. It’s an excellent time to list, and a good time to buy, as interest rates are still low”.
The total value of homes sold last month exceeded $103 million, representing an infusion of money into the local economy through transaction related services, goods, insurance and home improvements.
Of the 321 sales, the highest number (54) were in the $350,000 – $399,999 range, followed by 45 sales of homes between $400,000 – $499,999. There were 30 sales of homes over the $500,000 mark, including 9 sales over $700,000. Showing a steady increase, there were 12 sales of homes with acreage.
As real estate trending is based on supply and demand, prices have inched up 5.2% this year.
“That’s a healthy rise,” said Mr. Heppner. “We are likely to see continued moderate upward pressure, particularly if inventory remains low. All economic indicators point to BC leading the country in growth in the coming months, so real estate in any form is a sound investment”.
If you would like to take advantage of this peak time for buying or selling, contact any of the 272 experienced REALTORS® of the Chilliwack and District Real Estate Board.