Chilliwack – Continued migration to the Upper Fraser Valley is creating a strong autumn housing market. In fact, is was a banner month, according to the Chilliwack and District Real Estate Board (CADREB).
“Everything is up,” said CADREB President Greg Nord-Leth. “The big draw remains more value for the dollar in this end of the Valley. Houses with yards are beyond many people’s reach in the larger metropolitan areas”.
Following strong summer sales, a total of 309 homes sold in September, up from 287 sales during the same month last year. More noticeable is the dollar amount – just under $147 million, compared to almost $115 million in September 2016.
Sales are up, and so are prices, as supply and demand governs median prices. Throw in low inventory, and it helps maintains a seller’s market. There were 959 active listings at the end of last month, at least 200 below what local REALTORS® would like to see. Listings at well under 1,000 homes in fact represents a 10-year low.
“In the absence of a wide inventory, new construction helps fill the void,” explained Mr. Nord-Leth. “Residential construction activity has ramped up considerably to try to meet demand. Labour demands are high right now, particularly before the winter weather arrives”.
Of the 309 sales last month, the highest number (37) were in the $400,000-$499,999 range, followed by 32 sales in the $450,000-$499,999 range. There were six sales over the $1 million mark.
Sales were strong in every category: 154 single family homes, 90 townhomes, 42 apartments, 11 mobile homes and 12 homes with acreage.
“With the continued strong economy and low mortgage rates, it remains an excellent time to buy your first home, move-up home or dream home.