Chilliwack (CADREB) – While Chilliwack experienced a blast of pre-summer heat, home sales cooled ever so slightly in the month of May.
Still showing unprecedented sales and dollar values, a total of 413 home sales completed last month, according to statistics released by the Chilliwack and District Real Estate Board (CADREB), compared to 170 sales the previous May.
“While the market is still robust, people are able to take more time to consider their choices, and multiple offers are not as numerous per transaction,” said CADREB President Andrew Verschuur.
“Also, speculators may be holding back slightly as the market calms and adjusts”.
Tighter mortgage qualifying restrictions coming into effect likely helped shape a record shattering spring season, however it will also influence summer sales.
Of the 413 sales last month, the highest number (31) were in the $700,000 – $749,999 range, followed by 30 sales in the $800,000 – $849,999 price bracket. There were 45 sales over the $1 million mark, including two over $2 million.
The total value of properties sold, including 18 homes with acreage, was just over $289 million, compared to under $94 million for the same month last year.
Due largely to brisk sales, low inventory remains the norm in almost all parts of the province. At the end of May, there were 707 listings on the market in Chilliwack and area, when typically there would be over 1,000.