Supply is down and prices are up as the local real estate market continues to hit new heights.
According to the latest report from the Chilliwack and Area Real Estate Board (CADREB), 375 homes were sold in November, valued at nearly $226 million.
“The median price has risen 18.7 per cent, to $569,900,” said CADREB President Kim Parley. “This is up 10 per cent from the same time last year, but not surprisingly, as it’s the second lowest housing inventory level in CADREB history.”
Parley said realtors encountered bidding wars “for the first time in recent history,” with only 655 active listings on the market at the end of the month. According to Parley, demand for homes could support twice that number, as people living closer to Vancouver continue to desire the eastern Fraser Valley lifestyle.
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“COVID-19 has allowed many more people to work from home and that trend is likely to continue,” Parley observed. “Home-buying dollars, compared to the more metropolitan areas, stretch so much further in the eastern Fraser Valley. Even with tightened lending requirements, our area is more affordable to invest in.”
One hundred and ninety five detached single family homes sold for an average of $716,661 in November, compared to 129 sold at this point in 2019. Hope was the hottest area market, jumping 13.2 per cent over last year to an average of $477,300.
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At the top end of the housing market, seven homes sold for between $1.5 million and $2 million and there were 19 sales topping $1 million.
Ninety six townhouses sold for an average of $476,769 and 58 apartments went for an average of $308,566.
Thirteen pieces of vacant property zoned for residential sold for an average of $306,569. Only four properties of that type sold in November of 2019, but they netted more than twice as much averaging $757,475.
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