Chilliwack, BC – The buyers are out there, but where are the listings? June was a banner month for home sales in Chilliwack and area, but the lack of listings are nudging prices up.
Last month, a whopping 360 homes sold, up almost 27% and by far outpacing June of 2014 at 286 sales.
“With the onset of the hot weather and school winding down, we had expected a typical slowing of sales, but that didn’t happen,” said Chilliwack and District Real Estate (CADREB) President, Travis Heppner.
“It’s definitely swung to a seller’s market, with total listings on the market down by almost 300 compared to the same time last year,” added Mr. Heppner.
At the end of June, there were 1,418 active listings, compared to 1,713 at the same time last year. This translates to prices edging up by 4.3%, as prices are driven by economic conditions and supply and demand.
Of the 360 sales last month, single family homes showed the biggest gain, representing 218 of total sales. The most popular price range (64 sales) was between $400,000 – $499,999, followed by 56 sales in the $300,000 – $349,999 range. There were 45 sales over the $500,000 mark, including 5 sales over $1 million. Also notable was 21 sales of homes with acreage.
“As BC’s economy continues to grow, there is renewed confidence which is reflected in the residential real estate market,” said the CADREB President.
He urges buyers to take advantage of the continued low interest rates, and at the same time urges potential sellers to list as the local market remains buoyant.