As we reflect back on 2020, it was a year in which a lot happened, and yet not a lot happened. A lot happened in reaction to the COVID-19 pandemic, which created many changes to our daily lives, requiring major reevaluations of priorities and pivots to best prepare us for this new normal. At the same time, we all weren’t able to engage in some of our usual or favorite activities as a result of various restrictions, which sometimes necessitated that we stay at home.
Due to the increased time spent at home, we all found a newfound appreciation for our homes. Whether you were finally able to secure the purchase of your first home or upgrade to a better home, people were willing to invest in a home in which they could comfortably spend their days.
With the high demand for homes in addition to the fantastic weather in Chilliwack, where people can enjoy the outdoors at one of our renown fishing destinations or golf courses while maintaining social distancing, it’s no wonder that real estate was booming this year!
From data from the Chilliwack and District Real Estate Board, the value of residential units sold in Chilliwack experienced a 39% increase this year in comparison to 2019. Also, 3,515 residential units were sold locally in 2020, which is a 26% increase over the previous year.
All of this activity in 2020 comes despite having roughly the same number of new listings as in the same period in 2019. With the increase in the number of units sold in the year while new listings remained steady, buyers were snatching up existing residential listings and driving the prices of units up.
Even at the beginning of 2020 though, the year started out strong. In the first three months of 2020, the number of residential units sold reached 35% higher than in the first quarter in 2019 and the value of residential units sold was 42% higher when comparing the same periods.
As COVID-19 was declared a pandemic, creating ramifications to the Canadian economy, the number of units took a sharp hit in the number and value of residential units sold, both decreasing by more than 40% in April 2020 over the previous month.
Following a relatively short-lived downturn over a couple months, both the number and value of residential units sold in June 2020 doubled over the previous month, jumping past the numbers in March, which was when the impact of COVID-19 was just starting to be felt. Sales continued to trend upward from June, peaking in September.
The number of new homes coming up for sale faced a shortage in inventory, creating a seller’s advantage. In fact, the number of residential units sold actually overtook the number of new units in September 2020. As a result, homes saw competing offers and were frequently selling for more than the asking price.
Looking back, 2020 was an unusual year in the housing market as well as the non-residential real estate market. In the residential housing market, sales started off strong before plunging for an isolated period of time and soaring back to new highs. After all these ups and downs, at the end of the year, residential real estate sales for 2020 ended up a solid 39% higher than in 2019.
With the constant changes to the real estate market, it’s helpful to have the knowledge and advice of a REALTOR® who continues to monitor market shifts and trends. With over 20 years of experience in the city, the team at Bryan Van Hoepen are experts in the housing market across the different neighbourhoods of Chilliwack. Whether you’re trying to get the most value out of your home in this hot market or need to secure a home that’s within budget, contact the team at Bryan Van Hoepen to see how we can help.