An already red-hot Chilliwack real estate market exploded in January, fueled by low supply and high demand.
One hundred and sixty two single family homes were sold in the first month of 2021, an astounding 83 more than at this point in 2020.
They sold for an average of $762,066, where the average price was $645,209 a year ago.
Just last month, the average sale price was almost $30,000 lower at $733,515.
All this despite January traditionally being a slow time for housing sales, and housing inventory hovering near historic lows.
According to the latest numbers from the Chilliwack and District Real Estate Board (CADREB), the 474 active listings on the market at month’s end represent the second lowest inventory level ever recorded. Newly-installed CADREB president Andrew Verschuur said realtors are seeing bidding wars for the first time in recent history as buyers try to snap up whatever is available.
The downside, Verschuur noted, is that first-time home buyers are finding it difficult to get into the market.
“Multiple offers, which create a situation of over-market prices, make it tougher than ever for first-time buyers to break into the housing market,” he said. “Buyers need to be prepared and talk to their mortgage specialist about how much they qualify for.”
Of the homes that sold last month, the highest number (33) were in the $550,000 to $599,999 range, followed by 27 in the $700,000 to $799,999 range. Sixteen homes sold for more than $1 million and two went for over $2 million.
The average median sale price is up 25 per cent over the same time last year and the average time on the market is about 14 days.
Verschuur noted Chilliwack’s increasing population as another factor in the real estate boom, with 1,800 people moving here over the past year, most from the west.