Friday, August 14, 2009

Chilliwack Real Estate Market Summary

July 2009 and August 2009 Projection

July, saw a continued return to strength in the sale of properties within the Chilliwack real estate board area (east from the Vedder Canal to Boston Bar) when compared to the previous year. In total, 274 real estate transactions took place well up from the poor showing of 2008 where a meagre 193 sales occurred.

This is the third month in which 2009 sales have out performed the same month in 2008. The big real estate news story was the record sale numbers that the Real Estate Board of Vancouver posted in July as reported by the Vancouver Sun. I have wondered if that type of sales activity would have a spill over effect into sales in the Fraser Valley. Fraser Valley numbers in July as mentioned were better than those in 2008 but no where near the totals in 2006 and 2007 as demonstrated by the graph.

As of this date, August 14, 2009, the Chilliwack sale numbers are about 20% above those for August 1 - 14, 2008 but only half of the 2007 totals for the same time period in the Chilliwack market. There is a surge however taking place in the Fraser Valley board area (Abbotsford to Surrey) with sales 72% higher than 2008 and exceeding slightly 2007 and 2006 numbers. So, we are seeing a ripple effect taking shape emitting from Vancouver and spreading eastward through the Fraser Valley. I would expect that later this month Chilliwack will be seeing a lot of activity. My personal situation is that of working with a steadier stream of people and that well priced listings are getting regular showings at present time. Multiple offers on such properties are once again happening. Buyers should get looking now before the activity ripple hits the Chilliwack market.

Chilliwack Single Family House Statistics

Number of Units Sold: 161

Average Sale Price: $345,000

Houses available for sale at the month's end: 930

Market: Buyers market approaching bottom end of a Balanced market

Chilliwack Townhouse and Apartment Statistics

Number of Units Sold: 92

Average Sale Price: $226,000

Houses available for sale at the month's end: 529

Market: Buyers market but also approaching a balanced market

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Stephen Mullock is a Chilliwack real estate associate broker with 29 years of experience. He can be reached at Royal LePage Wheeler Cheam Realty, telephone 604-792-0077.

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