September 2009 - Chilliwack House Sale Report
Number of Chilliwack Houses Sold in September 2009 : 124Number of Chilliwack Houses Sold Previous Month, August 2009 :136
Average List to Average Sale Price ratio : 97 percent
Average Number of Days on Market : 72 days
Market: Buyer’s market
With recent sale surges in Vancouver and the western Fraser Valley I had hopes that Chilliwack market would soon be a benefactor of good times from a “ripple” effect as sales activity generally flow easterly through the Fraser Valley. This has not happened and I am wondering why? The Abbotsford to Surrey area continues to post the best sales numbers in 4 years with increases of over 25%. There prices are edging upward. In contrast the sale of houses in Chilliwack while much improved over the results in 2008 is more or less in keeping of what I would expect for this time of year but performing poorer when compared to the sale numbers of 2006 and 2007. It could be that the Chilliwack market is being negatively affected by a number of factors: (1) higher fuel costs, (2) prices, are they too high, and (3) news stories that portray Chilliwack in a negative light due to criminal activity. Any ideas let me know - this is weird.
On another issue, Sellers should not be dismayed by the downward change in the September average sales price if anything the August sales average price of $357,000 was higher than it should have been and without a couple of higher priced sales in August would have been much lower. It should be noted that the average in July was also about $345,000 indicating to me that prices are holding firm if anything through this period.
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 there is plenty of inventory and attractive mortgage rates.
The analysis above is based on my interpretation of information provided by the Chilliwack and District Real Estate Board and does not take into account private sales. The term "Chilliwack" is used here quite loosely to refer to an area serviced by the Chilliwack and District Real Estate Board which includes communities such as Chilliwack, Agassiz, Harrison Hot Springs, Hope, Yale and Boston Bar.
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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.
Copyright October 1, 2009 by Stephen Mullock.