For sale sign (File photo)

January was a crazy month for red-hot Chilliwack real estate market

The first month of the year is traditionally a slow one for sales, but not in 2021

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.

RELATED: Million-dollar-home popularity in Chilliwack takes off

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.

RELATED: Chilliwack housing market projected to be among B.C.’s hottest in 2021

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.


@ProgressSports
eric.welsh@theprogress.com

Like us on Facebook and follow us on Twitter.

chilliwackReal estate

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Snow is still coming down in Hemlock Valley. (Emil Anderson Maintenance/Twitter)
VIDEO: Spring is coming, but snow sticking around in Hemlock Valley

If you’re up the mountain, don’t put away your toques just yet

The incident occurred at approximately 10 a.m. amid heavy rains on the 29900 Block of the highway, near the Silverdale community. Shane MacKichan photo.
VIDEO: Late-night rollover crash on Lougheed Highway in Mission sends 2 to hospital

Jaws of Life used; patients sustained non-life threatening injuries

(File Photo)
Harrison residents invited to make their homes more energy efficient

A revived progam will see residents receive free energy-saving measures, home assessment

Avalon Butchart in her kayak on Hicks Lake, painting in hand. (Avalon Butchart/Contributed)
Pandemic pushes Agassiz artist into plein air painting

Avalon Butchart heard a ‘call from God’ to bring her painting outdoors

The eastern Fraser Valley is seeing an increase in COVID-19 cases.
11 new COVID-19 cases in Agassiz, Harrison during last week of February

The number of positive test results is a jump from the three cases the week before

Provincial health officer Dr. Bonnie Henry updates B.C. on the COVID-19 situation. (B.C. government)
Dr. Bonnie Henry predicts a ‘post-pandemic world’ for B.C. this summer

‘Extending this second dose provides very high real-world protection to more people, sooner’

Malawian police guard AstraZeneca COVID-19 vaccines after the shipment arrived in Lilongwe, Malawi, Friday March 5, 2021. Canada is expecting its first shipments of AstraZeneca vaccine next week. (Associated Press/Thoko Chikondi)
B.C.’s daily COVID-19 cases climb to 634 Friday, four more deaths

Currently 255 people in hospital, 66 in intensive care

A crashed helicopter is seen near Mt. Gardner on Bowen Island on Friday March 5, 2021. Two people were taken to hospital in serious but stable condition after the crash. (Irene Paulus/contributed)
2 people in serious condition after helicopter goes down on Bowen Island

Unclear how many passengers aboard and unclear where the helicopter was going

Surrey Pretrial in Newton. (Photo: Tom Zytaruk)
B.C. transgender inmate to get human rights hearing after being held in mostly male jail

B.C. Human Rights Tribunal member Amber Prince on March 3 dismissed the pretrial’s application to have Makayla Sandve’s complaint dismissed

Supporters rally outside court as Pastor James Coates of GraceLife Church is in court to appeal bail conditions, after he was arrested for holding day services in violation of COVID-19 rules, in Edmonton, Alta., on Thursday March 4, 2021. THE CANADIAN PRESS/Jason Franson
‘Law remains valid:’ Pastor accused of violating health orders to remain in jail

The Justice Centre for Constitutional Freedoms is representing the pastor

Join Black Press Media and Do Some Good
Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

The Netflix logo on an iPhone. B.C. delayed imposing sales tax on digital services and sweetened carbonated beverages as part of its response to COVID-19. Those taxes take effect April 1, 2021. THE CANADIAN PRESS/AP, Matt Rourke
B.C. applies 7% sales tax on streaming, vaping, sweet drinks April 1

Measures from 2020 budget were delayed due to COVID-19

Chief Don Tom of the Tsartlip First Nation was outraged after Green MLA Adam Olsen revealed on social media that the community had been experiencing a COVID-19 outbreak – a fact the First Nation had chosen to keep private to avoid racist backlash as experienced by the Cowichan Tribes when an outbreak was declared there in January. (Black Press Media file photo)
B.C. First Nation ‘outraged’ after Green MLA reveals COVID-19 outbreak

Tsartlip First Nation chief shares concerns about racist backlash, MLA apologizes

Most Read