Pent-up demand for housing in the Chilliwack area last month led to the highest number of sales of single-family homes in one month in three years.
There were 195 sales of houses in the Chilliwack and District Real Estate Board (CADREB) area in June selling for an average price of $637,239.
Overall there were 345 sales of all types in June up from 265 a year ago for an average selling price of $560,328, up four per cent from the average of $538,147 in June 2019.
Last month’s sales were double that of a month prior in May when just 170 sold.
The CADREB area includes Chilliwack, Cultus Lake, the Columbia Valley, the Chilliwack River Valley, Agassiz, Harrison Hot Springs, Hope, Boston Bar and the rural areas in between.
“We knew that there would be pent-up demand when people starting feeling safer about being out and about more,” CADREB president Kim Parley said in a press release. “But it was amazing to see such a dramatic increase, given the unemployment figures and economic impacts of COVID.”
And while sales are increasing, Realtors do not expect prices to fall given the pent-up demand in the market.
Of the total sales last month, the strongest sellers per ratio were single family homes, but there was also strong interest in townhomes, evidenced by the highest number of sales 67 in the $400,000-to-$500,000 range. There were 66 sales in the $600,000-to-$650,000 range, followed by 55 sales in the $500,000-to-$550,000 price spread.
There were 14 sales last month over the $1 million mark.
“Real estate is driven by supply and demand, so with demand for homes high and housing inventory low, prices are in fact nudging upwards on new single family and townhome listings.”
While single family home and townhouses sold at higher prices, the resale price of apartment condominiums fell by almost 18 per cent from an average of $308,710 in June 2019 to $254,028 last month.
There were just over 1,000 listings on the market at month end down from more than 1,600 a year ago.
“In some instances, Realtors are hard pressed to come up with a solid list of choices in particular price ranges and some neighbourhoods,” Parley said. “Interest rates remain historically low, and many people’s livelihoods haven’t been as affected by COVID as others, so for many it’s a great time to buy or sell.”
The situation locally mirrors that of Metro Vancouver that saw sales return to typical levels with prices up from 2019.
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