Chilliwack (CADREB) – The year 2020 will be memorable in many ways, one of which will be the year that real estate sales in Chilliwack and area shattered modern day records.
Record sales were chalked up in the months leading to the New Year, with December posting another record, the highest December sales in 16 years. Last month saw 279 sales completed, up over 60 from December of last year, translating to over $165.6 million dollars in value.
While sales were down slightly from November, the incoming President of the Chilliwack and District Real Estate Board (CADREB) notes that expectations for January are still high, as some buyers were holding back leading into the Christmas season.
President-elect Andrew Verschuur will be installed as the CADREB President in February, replacing outgoing President Kim Parley, who presided over a banner year.
Of the 279 sales last month, the highest number sold (35) were in the $550,000 – $599,999 range, followed by 26 sales priced $500,000 -$549,999. There were 17 sales over the $1 million mark, including two over $2 million. Sales were strong in all categories, particularly properties over $500,000.
Along with its monthly roundup, statistics released by CADREB show gains in average prices in all sectors of housing. Twelve months ago, the average price of a single family home in Chilliwack was $579,000, it is now $647,300.
A year ago at this time, the average price of a townhome was $409,600, similar to 3 years ago, and at the end of the year, now $466,100. Apartments rose at a slower pace, except for Harrison Hot Springs, where apartments rose in prices at a higher percentage. Similar gains in single family houses and townhomes were felt in Agassiz, Harrison and Hope.
Along with sales records, inventory of homes has hit an all-time low, with only 466 listings at the end of December, compared to almost 700 at the same time last year. As prices are governed by supply and demand, expect to see prices continue to inch up, as well as bidding wars, unless more listings hit the market.