Chilliwack (Steve Lerigny CADREB) – Bright orange “Sold” signs are not typically a common sight on property sale signs in December, but Chilliwack and area closed 2019 with sales well ahead of projection.
Historically a sluggish month for sales, December saw 217 home sales in Chilliwack and area, almost 100 more than the 118 sales recorded in the same month last year.
A strong BC economy, low mortgage interest rates and continued migration from the Vancouver area are being credited for a strong year in local real estate sales.
“The Chilliwack and District Real Estate Board (CADREB) ended 2019 with a better than projected year as far as unit sales go,” confirmed Kyle Nason, Board President. “Although the Canadian economy took a slight dip, the BC economy is still increasing at 1.5% according to the latest figures”.
Increased consumer confidence helps push those from more metro areas looking for retirement options and affordable family homes out to our area, added Mr. Nason.
Of the 217 home sales in December, the highest number (27) were in the $400,000 – $449,000 range, followed by 26 sales in the $450,000 – $499,999 range, indicating strong sales in the condo and townhome categories. There were 11 sales over the $1 million mark, including one over $2 million.
Of particular note to the local economy is the dollar value that December sales garnered – just over $115 million compared to $57.3 million in December a year earlier.
At just under 700 home listings currently on the Chilliwack and area market, inventory is not keeping pace with demand. If you are thinking of listing your home to move up or downsize, now is the time, as a new year brings increased interest in buyers.