The Chilliwack & District Real Estate Market went out like a bull in 2019 with hot sales in a month that is typically cold

Year ends with solid real estate sales in Chilliwack region.

The Chilliwack & District real estate market went out like a bull in 2019 with hot sales in a month that is typically cold.

The 217 sales in the Chilliwack and District Real Estate Board (CADREB) in December 2019 compares to the 118 one year ago and is 29 per cent higher than the 10-year average of 155 sales for the month.

“CADREB ended 2019 with a better than projected year as far as unit sales go,” board president Kyle Nason said in a press release. “Although the Canadian economy took a slight dip, the B.C. economy is still increasing at 1.5 per cent according to the latest figures.”

In addition to the strong B.C. economy, local Realtors credit low mortgage interest rates and continued migration from the Vancouver for a strong December and a strong year overall.

“Increased consumer confidence helps push those from more metro areas looking for retirement options and affordable family homes out to our area,” Nason said.

The average residential home sale price in December 2019 in the CADREB area – which includes Chilliwack, Cultus Lake, Agassiz, Harrison Hot Springs, Hope, Boston Bar and the rural areas in between – was $530,152.

Of the 217 homes sold, 112 were single family homes at an average price of $606,324. Of the 58 townhouses sold last month, the average selling price was $407,495, and the 30 apartments sold for an average of $273,135.

Eleven homes sold over the $1 million mark, including one for more than $2 million.

The highest number (27) sold were in the $400,000-to-$449,000 range, followed by 26 sales in the $450,000-to-$499,999 range.

Of particular note to the local economy, according to CADREB, is the dollar value that December sales garnered at just over $115 million compared to $57.3 million in December a year earlier.

While sales remain steady, there isn’t much out there to buy. With fewer than 700 homes on the market, that is the second lowest number for month over the last.

Let Shannon help you find your best buy! Whether you are buying or selling a home, Shannon has the experience and expertise to guide you to properties or buyers you wish to connect with. And invites you to contact her as she’d be happy to assist you with this important transaction. Shannon can provide you with reports and important local real estate information or an email snapshot of what is currently listed or recently sold in certain areas.

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Shannon Babcock PREC
Buy Smart. Sell Smart.
Committed to Your Real Estate Success
Century 21 Creekside Realty
Cell: 604-795-1081
https://www.shannonbabcock.com
E-mail: shannonbsells@gmail.com
Twitter: @shannonbsells
President’s Club Award Winner 2008-2018

Strong finish for mediocre year in Fraser Valley Real Estate – FRASER VALLEY HOUSING MARKET STATS

Strong finish for mediocre year in Fraser Valley real estate

Strong finish for mediocre year in Fraser Valley Real Estate – FRASER VALLEY HOUSING MARKET STATS

SURREY, BC – After a sluggish first half of the year, property sales in the Fraser Valley started picking up speed in the summer and finished strong in December, but not enough to surpass last year’s sales totals.

The Board’s Multiple Listing Service® (MLS®) processed 15,487 sales in 2019, a 0.6 per cent decrease compared to 2018’s 15,586 sales and the lowest total sales volume for the Fraser Valley since 2013. The total dollar volume of MLS® transactions for the year was $11.2 billion, dropping from $11.8 billion sold during the year prior.

In 2019, total sales of the three main residential property types – detached, townhome and apartment – was 13,773.  Of that total, 5,770 were detached, 3,888 were townhouses and 4,115 were apartments. Year-over-year, sales of detached and townhomes increased by 0.6 per cent compared to 2018, while apartment sales dropped by 4.2 per cent.

“Comparatively, 2019 was slower than normal for our region,” said Darin Germyn, President of the Board.  “Earlier in the year, we were still feeling the impact of the stress test introduced in 2018, but with steady job growth in our region and a stable economy, we’ve seen sales in the last few months return to above-average levels.”

In December the Board processed a total of 1,247 sales, the third best December since 2010. Active inventory finished at 4,686 units in December, 20.3 per cent lower than the 10-year average for the month, with a total of 948 new listings entering the market throughout the month.

Germyn added, “Some sellers have been holding back on listing, waiting until the market improves, with the result that supply in many areas currently is quite tight; so if you’re looking to enter the market in 2020, now is a good time. Without a healthy supply of inventory in the coming months, we could see upward pressure on prices.”

A total of 30,568 new listings were received by the Board’s MLS® system in 2019. This year was the second lowest for new inventory for the Board in the last decade.

MLS® HPI Benchmark Price Activity

  • Single Family Detached: At $953,700, the Benchmark price for a single-family detached home in the Fraser Valley increased 0.2 per cent compared to November 2019 and decreased 1.2 per cent compared to December 2018.
  • Townhomes: At $514,900, the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley remained on par with November 2019 and decreased 3.2 per cent compared to December 2018.
  • Apartments: At $405,500, the Benchmark price for apartments/condos in the Fraser Valley increased 0.2 per cent compared to November 2019 and decreased 3.1 per cent compared to December 2018.

hannon Babcock PREC
Buy Smart. Sell Smart.
Committed to Your Real Estate Success
Century 21 Creekside Realty
Cell: 604-795-1081
https://www.shannonbabcock.com
E-mail: shannonbsells@gmail.com
Twitter: @shannonbsellsJoin me on Facebook: https://www.facebook.com/shannonbsells/President’s Club Award Winner 2008-2018