Chilliwack (CADREB) -More home listings starting to come onto the market is a welcome sight for buyers, as January ended with home listings at an all time low and prices at an all time high.
At the end of January, there were just 371 active listings, about one third of the average for a typical year. As real estate prices reflect supply and demand, prices continue to edge upwards, with multiple offers occurring in highly sought after locations.
Chilliwack and District Real Estate Board (CADREB) President-Elect Daryl Moniz, who officially takes over March 2 following Andrew Verschuur, sat in on the latest briefing and was pleased to hear that more home listings are joining the local market.
“While there are more listings coming on, moreso in the Fraser Valley further west of us, we are not expecting to see any significant price adjustments in the near future,” Mr. Moniz said. “The province as a whole needs to see an additional 25,000 listings come on the market to get a market balance.”
A total of 251 homes sold last month, compared to 332 the same month last year. However, the dollar value of $227.7 million compared to just under $210 million in January of 2021 speaks to the upward price adjustments.
“For the third month in a row, the highest number of sales occurred over the one million dollar mark,” Noted Mr. Moniz. “There were 30 sales between $1.2 – $1.299,999, indicating a strong demand for single family homes”.
There were 22 sales of homes priced between $1.1 – $1,199,999, comprising part of the 98 sales over the $1 million mark, while there were four properties sold over the $2 million mark.
