Hi Everyone!As the year comes to an end we are still facing extremely low inventory with only 1,541 active listings in the Fraser Valley down 58% compared to the 3,692 active listings in December 2020.
Chilliwack currently has the lowest inventory it's ever had on record with only 283 active listings down 49% Compared to 555 active listings in December 2020.
Total sales year-to-date are still on the rise up 40.9% with 26,420 sold compared to last year's 18,746 in the Fraser Valley and up 37.5% in Chilliwack with 4,793 sold compared to the 3,484 sold last year.
It is a difficult market especially for new buyers, the average number of days on market is down 57.9% at only 8 days compared to 19 days last year in the Fraser Valley and down 37.8% at 23 days on market compared to 37 last year in Chilliwack.
With such low inventory and quick sales, homes are selling so fast that it leaves little room for negotiation while competing against subject-free offers.
One of the best steps you can take before shopping for a home is getting in touch with a mortgage broker and getting a pre-approval put into place. Once you know your buying power you will have a better chance of putting an offer in before it's too late.
If you don't have a mortgage broker and would like me to refer you to one or if you have any other questions give me a call or text at 604-798-3960.