Chilliwack – An astounding 681 home and property sales took place last month in Chilliwack and area, according to statistics from the Chilliwack and District Real Estate Board (CADREB). As housing prices are based on supply and demand, it continues to nudge prices upward.
“The market demand is still outpacing supply, which keeps the prices buoyant,” said CADREB President Andrew Verschuur. “As working from home during the pandemic has become a long-term viable option for many, REALTORS® are seeing a significant influx of buyers coming from the metro areas, where home ownership is within reach for them here”.
Continued low interest rates are also a huge component to the brisk market, amid speculation that they will slowly rise in the coming months.
The average number of days that a local listing is on the market is seven, although it’s not been unusual for sellers to receive offers on the first day of the sign going up.
Of the 681 sales, the highest number (65) were in the $800,000-$849,999 range, followed by 53 sales in the $750,000-$799,999 range. There were 72 home sales over the $1 million mark, including five sales over $2 million. In March of 2020, there were 267 sales, meaning average unit sales increased by 155% over the same month last year.
Not surprisingly, the average home price has gone up, keeping pace with demand. The Composite benchmark home rose 7% over last month, 22.8% over last year.
The 681 sales in March, representing completed sales in all categories from mobile homes to homes with acreage, equated to a whopping $486.85 million in dollar value.
“The spinoff effects from this are significant to the local economy, much needed at this time,” added the CADREB President.
At the end of the month, there were 666 active listings, compared to almost 950 at the same time last year. In comparison to the 2017/18 markets, March inventories were at 662 and 704 respectively.