Chilliwack’s housing market cooled ever-so-slightly in May, but with homes still flying off the market, it’s the equivalent of going from white to red hot.
“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 Andrew Verschuur, president of the Chilliwack and District Real Estate Board (CADREB). “Also, speculators may be holding back slightly as the market calms and adjusts.”
According to the latest CADREB stats, a total of 413 sales were completed last month, compared to 170 in May 2020.
The highest number (31) sold in the $700,000 to $750,000 range, followed by 30 in the $800,000 to $850,000 range.
Forty five homes sold for more than $1 million. Fourteen of those went for more than $1.5 million and two sold for more than $2 million.
The average price for a single-family home actually dropped for the first time in a long time, settling in at $832,533 after hitting $889,899 in April. It had risen steadily in the early months of this year, from $762,065 in January to $791,606 in February and $841,894 in March.
The average price from a townhouse came in at $595,068, up from $563,674 in April. The average price of a condominium was $340,190, up from $314,768 in April.
The average price of all homes sold inched over the $700,000 mark at $700,172.
The total value of properties sold, including 18 homes with acreage, was just over $289 million, compared to less than $94 million at the same point last year.
Low inventory is still a factor. There were 707 listings on the market in Chilliwack and area at month’s end, when typically there would be over 1,000. Fueled by low supply and high demand, Verschuur expects the local market to remain strong through the summer months.
“The pandemic has altered things for many people,” he observed. “Increasingly, families have found that working from home is viable, and have discovered a wonderful lifestyle in this part of the beautiful Fraser Valley.”