Wednesday, September 16, 2009

September 2009 Mid-Month Chilliwack Real Estate Market Report

Morning on the Nicomen Slough
Copyright Stephen Mullock

Chilliwack House Sales Mid-Month - September 2009

Real estate markets move too fast to rely upon a once a month analysis, mid-month report will give real estate buyers and sellers the knowledge they need to hold a competitive advantage.

Number of Houses Sold first 15 days September 2009: 70

Number of Houses Sold first 15 days of August 2009: 68

Average Sale Price first 15 days: $345,000

Average Sale Price Previous Month: $357,000

Average List to Average Sale Price ratio: 97 percent

Average Number of Days on Market: 67 days

Houses available for sale September 15th: 890

Market: Buyer’s market

Comments: House sales in the Chilliwack Real Estate Board area continue to follow a seasonal pattern. It is expected that fewer sales will occur each month as compared to the month before until January when the late winter and spring market begins and this trend reverses.

Prices mid month are a little softer than the previous month’s average sale price, but, given a smaller sample of sales at the mid month mark this might be a bit misleading.

The Fraser Valley Board area (Abbotsford to Surrey) had a surge of multiple listing real estate sales activity in August, Chilliwack has not enjoyed this push.

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 Sales Mid-Month - September 2009

Number of Units Sold first 15 days September 2009: 36
Number of Units Sold first 15 days of August 2009: 32

Average Sale Price: $211,000

Average Sale Price Previous Month: $211,000

Average List to Average Sale Price ratio: 97 percent
Townhouses/Apartments available for sale on September 15, 2009: 485

Market: Buyers market

Comments: Sales of strata townhouses and apartments are a little better than the first 15 days of the previous month August and that is good. This is still very much a buyers market especially in the apartment area of this subset. Twelve apartment sales achieving an average apartment sales price of $150,000. Twenty-three townhouse sales have an average price of $239,000. There has also been one ½ duplex purchase.

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?

The next posting will starts a series on Chilliwack's most successful development Garrison Crossing.

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.
The above analysis is based on multiple listing sources of the Chilliwack and District Real Estate Board
Copyright September 16, 2009 by Stephen Mullock.

1 comment:

  1. I think it was a good idea to do the mid-month report instead of just monthly, it provided me with some useful House Buying Tips.