Friday, October 2, 2009

September 2009 Chilliwack Real Estate Townhouse/Apartment Market Review


Sales of Townhouses and Apartments


Stephen Mullock Analysis
Chilliwack and District Real Estate Market


Units Sold each Month 2006 - 2009

Number of Chilliwack Townhouses/Apartments Sold: 66


Number of Chilliwack Units Sold Previous Month: 67


Average Sale Price of Townhouses and Apartments: $219,000

Average Sale Price Previous Month: $211,000


Average List to Average Sale Price ratio: 97 percent

Townhouses/Apartments available for sale at the month's end: 489




Market: Buyers market




Comments


Sales of strata townhouses and apartments were similar to the month before and pretty respectable when compared to 2006, 2007and 2008.

Prices on an over month basis seem to have edged upward but there is a fair amount of variation in any month on a longer term prices look relatively flat.  If you are wondering what your property is worth I would suggest contacting a local real estate professional or me.

This market remains in buyer market territory with only 13% of available listings selling in the given month.
The real estate market between Abbotsford and Surrey is stronger and remains in balanced market territory. Western Fraser Valley sales in September 2009 were the highest in the 2006-2009 periods. 

Prices in the western Fraser Valley have edged upward to $282,000 which when compared to the Chilliwack average of $211,000 is a larger spread than what would normally be the case suggesting a price advantage should be given to Chilliwack.
Sellers: There remains a lot of competition for buyers in the market; sellers should be prepared to be flexible in negotiations.
Buyers:This Buyer market favours your purchase with an ample supply of properties to chose from, good mortgage rates and some flexibility on price.
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 2, 2009 by Stephen Mullock.

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