Chilliwack – One year ago, when news of a mysterious virus started to make headlines, no-one could predict what direction the housing market would take. Fast forward to February 2021, and Chilliwack and area is seeing unprecedented sales and inventory lows, and for the first time in recent history, bidding wars.
It’s an exciting time in local real estate history, but at the same time, a cautious one, noted Chilliwack and District Real Estate Board’s (CADREB) newly installed President, Andrew Verschuur.
The new President certainly knows about the local market, having been born and raised in Chilliwack and now living on a small acreage in Greendale with his wife Julianne and their three boys. He attributes his strong work ethic to growing up and working on family dairy farms.
A full-time Realtor with Century 21 Creekside Realty, Mr. Verschuur also has investment properties in Chilliwack. In 2016 he joined the Chilliwack Real Estate Board and was Vice President for 2 years before stepping up to the role of President Elect last year.
“CADREB has been an excellent opportunity for me to grow personally and professionally, and it’s my goal to continue being a positive impact on our community through the board and its Membership”. He added “with the market reaching new highs and record breaking numbers, this year will have its challenges. We have to keep current and educated to help ensure our members have the resources in order to best serve our clients and our community”.
Over the past year, Chilliwack’s population has increased by over 1,800 people moving in from areas elsewhere in the province, mostly from the west, Mr. Verschuur noted.
“While that’s great for the local economy, it’s created high demand for housing which is creating multiple offers and making it difficult for those trying to buy their first home.”
In January, 162 homes sold, at a time where typically sales are slow. Last January, only 79 homes sold. Year over year, total home sales have increased over 102%. At the end of the month, there were only 474 active listings on the market, the second lowest inventory level in history.
Of the homes that sold in January, the highest number (33) were in the $550,000 – $599,999 range, followed by 27 in the $700,000 – $799,999 range. There were 16 sales of homes over the $1 million mark, including two over $2 million.
The average median sale price is up 25% over the same time last year. The average time on the market is about 14 days and in many cases, a situation of multiple offers and sealed bids.
