Like in many other Canadian cities, 2017 was a banner year for the Chilliwack real estate market.
According to the Chilliwack & District Real Estate Board, the volume of home sales last year was beat out by only one other year on record. The total number of home sales that were recorded at the end of last year through the MLS System by the CDREB was well over the number of sales recorded the at the same time the year before.
At the end of December 2017, there were a total of 204 recorded home sales. This figure is almost 24% higher than the total number of sales recorded in the same month of 2016. When the sales figures for the entire year are compared, 2017 saw a total of 3,983 sales which was actually 7.5% lower than the annual total for 2016.
This shows us that despite coming in slightly below the year before as a whole, last year ended much higher than expected and has set Chilliwack up for a fantastic market as we head into the New Year!
As there continues to be a pressing demand for homes in the area, new residential listings have almost doubled on a year over year basis. In December of 2017, 181 new residential properties were listed on the market, 36.1% more than in December of 2016.
Despite this increase in new listings at the end of the year, there were still less active listings at the end of December 2017 than there were at the end of December the year before. This tightening between the supply and the demand of homes in the local area has contributed to the continued increase in the sales price of homes.
In December of 2017, the average sales price of Chilliwack homes was recorded at $483,156. This price is up nearly 25% from December of 2016. On an annual basis, the average sales price of Chilliwack homes rose 16.8% to $464,897 in 2017. This increase does not come unexpectedly as the annual average price saw an increase of a larger 18.4% between 2015 and 2016.
If you are interested in purchasing a home in the local area, you will get the most out of your mortgage process by working with a reputable Chilliwack mortgage lender. Give me a call to find out more about your home financing options or to get started on your mortgage process today!