Chilliwack – Strong demand and a low reserve of listings is pushing home prices up in Chilliwack and area.
November home sales posted yet another record, with 375 completed sales, totalling a whopping almost $226 million in dollar value. While sales were down slightly from the month before, records continue to shatter.
With demand outweighing supply however, average prices are heading up, with REALTORS® encountering bidding wars for the first time in recent history.
“The median price has risen 18.7%, to $569,900,” said Chilliwack and District Real Estate Board (CADREB) President Kim Parley. “This is up 10% from the same time last year, but not surprisingly, as it’s the second lowest housing inventory level in CADREB history”.
Once again indicating that lifestyle is playing a huge role in the pandemic, Hope had the largest increase for the benchmark Housing Price Index for single family homes, increasing by 13.2% over last year to an average $477,300.
Of the 375 sales in Chilliwack and area in November, the highest number sold (40) were in the $450,000 – $499,999 range, followed by 34 in the $550,000 – $599,999 bracket, tied with those in the $650,000 – $699,999 range. There were 19 sales of homes over $1 million.