Chilliwack (Steve Lerigny CADREB) – There appears to be no economic uncertainty when it comes to home sales entering month seven of a pandemic, as Chilliwack and area posted its highest August home sale on record.
Last month home sales reached 400, according to statistics from the Chilliwack and District Real Estate Board (CADREB), a leap from August 2019’s 247 formidable sales, as REALTORS® head into a typically busy fall market.
“With some elements of the economy showing more strength and an escalation from pent-up demand in the early months of the pandemic, buyers are now looking to get ahead of further price increases,” explained Kim Parley, CADREB President.
As home prices reflect supply and demand, home prices were up an average of 13.3% – single family home resales were up 7.6% in the median sale price, townhome prices were up 5.8% and apartment resale prices rose by an average 20%.
“Housing is still a major driver of the economy, and renovations and new construction have remained very active during this market,” added Mr. Parley. “Continued historically low interest rates also plays a huge part”.
Of the 400 home sales last month, the highest number (37) were in the $600,000 – $649,000 range, followed by 35 sales in the $450,000 – $499,999 range. There were 20 homes sold over the $1 million mark, including 6 over $1.5 million.
Homes are selling quickly, at an average of only 23 days on the market, half the time than it took at this time last year.
With demand evident for all types of housing and price ranges, more inventory is needed. At the end of August, there were 1,000 homes on the local market, compared to just over 1550 at the same time last year.