Last month was the biggest month for real estate in the Chilliwack and District Real Estate Board (CADREB) by dollar volume since the housing sales boom of 2016 and 2017.
For the first time since June 2017, more than $200 million in residential homes traded hands, that’s up 48 per cent from $136 million year-over-year and four per cent from the $193.3 million a month prior.
“Home sales activity remained strong in July, posting the third-highest level for this month on record,” according to CADREB president Kim Parley. “New listings have risen in tandem with sales, bringing back some desperately needed supply to the market. However, even with new listings posting the highest July on record the market continue to tighten due to the unexpected strength in demand. This continue to put upward pressure on price growth and is lifting average prices to new record levels.”
The month prior, June, saw a large surge in single family home sales, something that continued in July with 195 houses sold for an average price of $672,645 up 9.6 per cent from the July 2019 single family home sale price of $613,826.
• READ MORE: Single family home sales in Chilliwack surge in June – June 2020
• READ MORE: Chilliwack home sales numbers moving in the right direction: Realtors – July 2019
The average price of all homes sold in the CADREB area – which includes Chilliwack, Cultus Lake, Agassiz, Harrison Hot Springs, Hope, Boston Bar and the rural areas in between – was $570,087 up 12 per cent year over year from the $509,521 in July 2019.
The average of the 96 townhouses sold was $458,756, and the average of the 44 apartments sold was $327,792.
In July, 21 homes sold over the $1 million mark and another 26 sold over the $800,000 price point.
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