February Post Strong Home Sales

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.

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