This year has started off phenomenally. This January’s sales have posted the strongest numbers for this month since 2007. There were 1,268 active residential listings on the Board’s MLS® System at the end of January 2015, down 7.9 per cent from January 2014. The average home price also posted a modest year-over-year increase in January. If supply and demand have taught us anything, that’s all good news for sellers. The changes in interest rates seem to be creating a bit of excitement in potential buyers. Getting some of them to hop down off the imaginary fence and start buying. If our quick start to the year is any indication of what the second quarter is going to look like, we’re setting up for a very strong spring market. Click HERE to see Chilliwack’s complete January Statistics package.
It’s official, the spring market is in full swing. February’s nice weather brought the Buyers out and gave them the kick start they needed to boost home sales. Home Sales in Chilliwack and area jumped last month from 135 sales to 156, but equally important, the dollar value of almost $56.9 million represented a 15% increase, injecting a big boost to the local economy in sales completion and spin-off goods and services. The spike in dollar volume indicates a strong interest in single family homes, said Jake Siemens, incoming President of the Chilliwack and District Real Estate Board (CADREB).Of the 156 sales last month, 93 were single family detached homes. The most sold (28) were in the $300,000 – $349,999 range, followed by 23 sales in the $350,000 – $399,999 range. There were 8 sales of homes with acreage which contributed greatly to the total dollar volume in sales. Mr. Siemens, is optimistic about the local housing market in his first days of leading CADREB. “It’s a steady market locally, with no price increases overall. This maintains favourable conditions for both the buyer and seller. We are looking forward to a good spring, given that sales overall are up 14% from this time last year”. In order to maintain a buoyant market, a good supply of inventory is necessary. At the end of February, there were 1,454 homes on the local market, down slightly from this time last year.Thank you CAREB admin for providing these stats.
With the flip of the calendar, real estate in Chilliwack has seen a boost in recent activity. From time to time we see this with the New Year. For the most part the market takes a good month and half to get going, but 2014 has seen a nice little burst of real estate activity out of the gate. With home sellers lowering their price to give them a competitive edge heading into the spring market and many people coming to the market now it is a great time to be a home buyer. You can be patient and thorough. Your realtor should have you automatically receiving new listings so that you can take the time to review things like room dimensions and many other things before you view homes. I have been taking buyers out almost everyday since the calendar rolled over. That is a great sign of hopefully a positive year to come.