Chilliwack – Chilliwack and area real estate sales have taken a huge leap in the past month, as the province opens in phase 3 recovery from COVID-19.
In June, 345 home sales were completed, way ahead of last June’s 265 sales, and more than doubling May’s sales of 170 homes.
“We knew that there would be pent-up demand when people starting feeling safer about being out and about more,” said Kim Parley, the Chilliwack and District Real Estate Board (CADREB) President, “but it was amazing to see such a dramatic increase, given the unemployment figures and economic impacts of COVID”.
The dollar value out of the 345 sales totalled over $193 million, which in turn injects money into the local economy with home sale related services and products such as furniture and appliances.
Of the total sales last month, the strongest sellers per ratio were single family homes, but there was also strong interest in townhomes, evidenced by the highest number of sales (67) in the $400,000-$499,999 range. There were 66 sales in the $600,000-$649,999 range, followed by 55 sales in the $500,000-$549,999 price spread. There were 14 sales over the $1 million mark.
Don’t expect prices to fall however because of pent-up demand, cautions Mr. Parley.
“Real estate is driven by supply and demand, so with demand for homes high and housing inventory low, prices are in fact nudging upwards on new single family and townhome listings”.
Single family home prices rose 8.1%, townhome resale prices are up 1.8%, while the price of resale apartments/condominiums fell by almost 16%.