CADREB – Another Real Estate Record For Chilliwack

Chilliwack – The number of homes sold via the MLS® System of the Chilliwack and District Real Estate Board remained at record levels in June 2016.

Home sales totalled 544 units in June 2016, an increase of 51.1 per cent from levels reported in June 2015. This was the highest level of activity for any month in history.

Sales of all types of properties numbered 574 units in June, up 52.3 per cent on a year-over-year basis.

On a year-to-date basis home sales totalled 2,558 units over the first half of 2016, an increase of 70.3 per cent from the same period in 2015. This marked a new record for this period by a very large margin.

“In the past if the market saw 2,500 homes trade hands on an annual basis it would be considered a good year, which puts into perspective the fact that we’ve already seen more sales in 2016 and we’re only half way through the year,” said Richard Admiraal, President of the Chilliwack & District Real Estate Board. “The recent influx of new supply is providing some relief but not enough as it is all being snapped up. As a result, prices are still recording double-digit gains.”

The average price of homes sold in June 2016 was $412,598, up 20.2 per cent from last June. The year-to-date average price was $392,989, up a similar 20.1 per cent from the first half of last year.

New residential listings numbered 604 units in June, jumping 48.4 per cent from a year earlier.

There were 936 active residential listings on the Board’s MLS® System at the end of June 2016, down 34 per cent from June 2015 and the lowest level for this month in a decade.

There were just 1.7 months of inventory at the end of June 2016, down from 3.9 months reported at the same time last year and one of the lowest levels ever. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

The combined dollar value of home sales in June 2016 totalled $224.5 million, an increase of 81.6 per cent from June 2015. This was the highest level of any month on record and marked the third time volumes had ever exceeded $200 million, which have all occurred in the past three months.

The total value of all properties sold in June was $239 million, rising 82.6 per cent on a year-over-year basis.

The Chilliwack and District Real Estate Board is an association of 285 REALTORS® that provides services to and sets standards for members. The Chilliwack and District Real Estate Board serves Chilliwack, Agassiz, Hope, Boston Bar and Harrison.

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For more information, contact CADREB President Richard Admiraal @ 604-795-2955

Single Family Resale: http://cadreb.stats.10kresearch.com/infoserv/s-v1/he1H-VE8

Townhouse resale: http://cadreb.stats.10kresearch.com/infoserv/s-v1/he1E-7OK

Apartment resale: http://cadreb.stats.10kresearch.com/infoserv/s-v1/he18-DOP

All Property types all construction: http://cadreb.stats.10kresearch.com/infoserv/s-v1/he18-DOP

Unit Sales Res All: http://cadreb.stats.10kresearch.com/infoserv/s-v1/he1S-gcA

Unit Sales Single Fam Resale: http://cadreb.stats.10kresearch.com/infoserv/s-v1/he1q-q9M

Unit Sales Townhouse resale: http://cadreb.stats.10kresearch.com/infoserv/s-v1/he1y-N9X

Unit sales Apt resale: http://cadreb.stats.10kresearch.com/infoserv/s-v1/he1r-5IE

Inventory All: http://cadreb.stats.10kresearch.com/infoserv/s-v1/he1K-yHE

New Listings: http://cadreb.stats.10kresearch.com/infoserv/s-v1/he1a-CDD

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