Tuesday, September 1, 2009

Chilliwack Real Estate Market Update August 2009

Chilliwack Single Family House Statistics

August 2009

Number of Houses Sold: 136
Number of Houses Sold Previous Month: 161

Average Sale Price: $357,000
Average Sale Price Previous Month: $345,000

Average List to Average Sale Price ratio: 97 percent

Average Number of Days on Market: 71 days

Houses available for sale at the month's end: 914

Market: Buyer’s market

Comments:  House sales in the Chilliwack Real Estate Board area as illustrated in the above graph are following true to a seasonal pattern.  This pattern shows a definite hump-back shape with the greatest number of sales in the spring/summer tapering downward in the fall/winter then building again as a new spring draws near.

Vancouver had a surge of real estate sales activity in July, setting a record, in August, the western sections of the Fraser Valley followed suit, but, Chilliwack has not yet enjoyed a similar increase. Is it to come in September? As activity seemed to wane somewhat in the western Fraser Valley as August worn on I am anticipating Chilliwack will, more likely, follow the traditional seasonal pattern with fewer sales in the next 3 months. 

Sellers:  Now, would be a good time to review your pricing strategy as you will be competing for fewer buyers in coming months.

Buyers: The Buyer market conditions continue to favour your involvement as do attractive mortgage rates.

Chilliwack Townhouse and Apartment Statistics

August 2009

Number of Units Sold: 67
Number of Units Sold Previous Month: 92

Average Sale Price: $211,000
Average Sale Price Previous Month: $226,000

Average List to Average Sale Price ratio: 97 percent

Townhouses/Apartments available for sale at the month's end: 506

Market: Buyers market

Comments: Sales of strata townhouses and apartments were considerably less than the month before and a couple of factors may be a work.  This type of accommodation tends to attract younger families that like to be established in their new addresses before the school year begins, and, some buyers are opting out of a strata purchase in favour of well priced houses with yards. 

New projects coming available for sale and selling out quickly affect the graph shape with spikes in activity.  The result is a more erratic shape even though a seasonal influence is still observed.

Sellers: Fewer buyers in the coming months suggest that a sharper pencil on your listing price might be needed.

Buyers:This Buyer market favours your purchase with an ample supply of properties to chose from, good mortgage rates and some flexibility on price.

If you enjoyed reading this article, why not Subscribe to be notified of the next one?
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.

Copyright September 1, 2009 by Stephen Mullock.

No comments:

Post a Comment