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Chilliwack Real Estate For April – Number of Competing Offers Cools But Demand Is Exceeding Supply

Chilliwack – While home sales have slowed slightly compared to an unprecedented previous month, the record setting pace continues in Chilliwack and area.

According to statistics compiled by the Chilliwack and District Real Estate Board (CADREB), 562 homes sold in April, compared to just 159 sales for the same month last year, at the beginning stages of adjusting to life in a pandemic. The dollar value equated to a whopping $421 million, five times the amount recorded in April of 2020.

While demand is still high it’s a slightly changing scenario, said the CADREB President, Andrew Verschuur.

“We are still seeing multiple offers come in on properties, but the number of offers competing is fewer. We expect the trend of multiple offers to continue for a while longer, as demand is exceeding supply,” he explained.

Of the 562 home sales last month, the highest number (43) were in the $550,000-$599,999 range, followed by 42 sales in the much higher range of $1 – $1.25 million. There were 9 sales over the $2 million mark. The month chalked up 27 sales of houses with acreage, a noticeable increase from previous years at this time.

“The Fraser Valley continues to draw people from the more metropolitan areas, where despite robust prices, homes are still much more affordable than closer to major centres,’ said the CADREB President. “With continued low interest rates and many finding the ability to work from home, houses with acreage are attractive”.

At 696 homes currently on the market, inventory has held steady from last month, but more listings are needed to keep up with demand.  Next month, tougher mortgage qualifying restrictions are coming into effect, so if you are pre-qualified, now is the time to strike.

“There is a good mix of housing on the market right now, from apartments/condominiums to large homes with acreage. Demand is strong for single family homes and townhouses, so if you are thinking of a move to downsize, there are buyers waiting!”.

Contact any of the 354 qualified REALTORS® of the local Real Estate Board for a no-obligation assessment of your home.

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