The demand for single family homes in Chilliwack is hitting unprecedented highs as prices also continue to rise.
The 421 home sales in the Chilliwack and District Real Estate Board (CADREB) area last month is an all-time high for the month. That was also 36 per cent higher than the next highest ever September (309 sales in 2017), 50 per cent higher than last September (281 sales), and 72 per cent higher than the 10-year average for the month of 245 sales.
Last month saw sales of 235 single family homes for an average price of $678,300.
Average price of any home sold in the CADREB area was $594,101 in September 2020, up 13 per cent over the average of $525,257 a year ago. The average townhouse sold for $484,668, and apartments $261,679.
The summer’s pandemic real estate boom in Chilliwack rolled right into the fall with sales up 44 per cent and prices up 13 per cent year over year, and sales numbers even higher than July and August.
“Realtors are finding that many of their clients over recent months are from the more metropolitan Vancouver areas who are moving away from crowded areas and want a house with a yard, and easier access to outdoor activities such as hiking, kayaking and biking,” CADREB president Kim Parley said in a press release.
“Also, during the pandemic, more people have begun working from home and will likely continue to do so. Why not do it from a scenic, more affordable community?”
From the latest statistics, it’s evident that sales activity has increased in higher priced homes.
“We have maintained steady prices due to low inventory, which is very attractive to those whose housing dollars go further by moving to the Eastern Fraser Valley,” Parley said.
Of the 421 sales last month, the highest number sold (50) were in the $600,000-to-$649,999 range, followed by 42 sales in the $450,000-to-$499,999 price range. Sales were also strong in the $650,000-to-$699,999 and $700,000-to-$799,999 ranges, both posting 32 sales.
There were 26 sales over the $1 million dollar mark, including two over $2 million.
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