December saw a slowdown in real estate sales but local Realtors have chosen to focus on Chilliwack property assessments relative to neighbouring communities.
“Once again, we are witnessing pockets of over-inflated prices due to the pressures of supply and demand, and many homeowners in the Lower Mainland are left in the position of watching their property values decline,” said Cynthia Admiraal, president of the Chilliwack and District Real Estate Board (CADREB), in a press release.
The release pointed out property assessment numbers issued on Jan. 2 showed stable prices in Chilliwack while there were drops in some other Lower Mainland communities.
There were just 106 sales worth $32.2 million last month compared to 120 sales worth $33.8 million in December 2011.
Despite this slowdown, strong sales inventory prompted CADREB to predict a steady upward trend in sales for 2013 as the U.S. economy strengthens. Additionally, the transition back to the PST this spring could increase interest in new home construction, according to CADREB.
And while sales were lower last month year over year, more expensive homes sold. There were 14 sales in the $300,000 to $350,000 range matched by 14 sales in the $400,000 to $500,000.
There were also eight sales over the $500,000 mark. There are currently 1,237 residential and 427 commercial listings in Chilliwack and district.