The first month of 2020 was solid for real estate sales in the Chilliwack and District Real Estate Board (CADREB) area, and was called “an exciting time for the real estate industry and for Chilliwack,” by CADREB’s newly elected President.
“I am super excited to represent CADREB as president for 2020,” said Kim Parley, who will be officially installed at the Board’s AGM later this month.
While sales in January 2020 dropped from December, the 166 residential homes sold in all categories surpassed the 98 sold in January 2019, and was also above the 10-year average of 141.
Of those 166, as usual, the highest number of sales was in the single-family home category at 79. But at less than half of all homes sold, that is a lower rate than usual. There were 40 townhouses sold and 32 apartments.
Much of what was purchased was at the higher end. The average overall sale price of a home sold last month was $544,764, up slightly from $533,080 year-over-year.
As for single family homes, the average price sold was $645,209 up from $604,633.
Those numbers do not include the house-and-acreage category in which nine were sold for an average price of $1.29 million. Just two houses with acreage were sold in January 2019, although those were sold for an average of $2.4 million.
When houses with acreage are added to the single family homes, the average price of a house sold in Chilliwack last month was $710,864 up from $669,919 year over year.
The 40 townhouses sold last month went for an average price of $423,540 up slightly from $427,243 year-over-year, and the average apartment sold for $286,978 up from $271,273.
Twelve residential property sold over the $1 million-dollar mark.
While other areas of B.C. are experiencing drops in pricing, not so in Chilliwack and area, particularly in single family housing.
“Low housing inventory is keeping prices up locally,” Parley said. “More listings are needed to create more competition. We have increasing demand from buyers moving into our area as housing is more affordable than the metro areas, so it’s a great time to list a property.”
Indeed there were just 987 listings at the end of January 2020 compared to 1,132 a year ago, itself a low number.
The new CADREB president is a long-time resident of the Fraser Valley and. he replaces outgoing president Kyle Nason.
“The natural beauty of this area never ceases to amaze me,” Parley said in a press release issued Wednesday. “I’m proud to be working for such a great Board, in a profession that cares so much for its communities.”
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