December home sales in Chilliwack reach 16-year high
With low supply and high demand, prices continued to increase across the Upper Fraser Valley
December 2020 was a record month for Chilliwack real estate.
According to the Chilliwack and District Real Estate Board (CADREB), 279 sales closed, 60 more than at the same point in 2019 and the highest total in 16 years.
The value of those sales exceeded $165.6 million.
Sales were down by month-to-month though with 375 residential properties sold in November.
Thirty five of December’s sales came in the $550,000-to-$600,000 range, followed by 17 in the $500,000-to-$549,000 range.
There were 17 sales topping $1 million and two topping $2 million.
All of this comes at a time when housing inventory is still at an all-time low. Only 446 properties were listed at the end of December, compared to 700 at the same time last year. With low supply and high demand, prices continued to rise and realtors saw bidding wars.
CADREB stats showed the average price of a single family home in Chilliwack increasing from $579,000 in December 2019 to $647,300 in December 2020 while the average price of a townhome jumped from $409,600 to $466,100.
Similar gains in single family houses and townhomes were seen in Agassiz, Harrison and Hope.
Sales of vacant residential lots also jumped. Twenty sold in December compared to just five in December, 2019.