Sunday, November 1, 2009

October 2009 CHILLIWACK HOUSE REPORT


Backyard Colour - Maple Tree

Number of Chilliwack Houses Sold in October 2009 : 131

Number of Chilliwack Houses Sold Previous Month, September 2009 :124



Average Chilliwack Sale Price- October 2009 : $348,000

Average Chilliwack Sale Price - September 2009 : $345,000



Average List to Average Sale Price ratio : 97 percent

Average Number of Days on Market : 71 days



Chilliwack Houses available for sale November 1, 2009 :818




Market: Buyer’s market








Graph: Chilliwack's Seasonal House Sale Activity


Comments





The sale surges in Vancouver and the western Fraser Valley continue and at last it seems that Chilliwack market is responding somewhat from this “ripple” effect as sales activity generally flow easterly through the Fraser Valley. This is best demonstrated in the above graph which shows that the number of single family detached sales in October 2009 were the second best in the past four years. Even the seasonal shape of the graph has been defied somewhat; usually we would have expected fewer sales than in the month before. With respect to prices they are holding firm around an average of $348,000.



The Abbotsford to Surrey area continues to post the best sales numbers in 4 years with 900 sales besting the 2007 sales numbers of 798 by quite a margin. There prices are edging upward and currently the average price of a single family detached home is $542,000 quite a difference over the Chilliwack average of $348,000. This almost $200,000 variance should make Chilliwack attractive as a retirement location as people can cash out and maybe even put a few dollars in the bank.

Sellers: The market seems to be improving and prices are holding firm but it is still a buyers market. Lower priced homes are seeing a lot of activity; it is a good time to be a seller if you have a property priced under $300,000.

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 November 1, 2009 by Stephen Mullock.

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