Tuesday, December 1, 2009

NOVEMBER 2009 CHILLIWACK HOUSE REPORT


Fall Twilight


Number of Chilliwack Houses Sold in November 2009 : 115

Number of Chilliwack Houses Sold Previous Month, October 2009:131



Average Chilliwack Sale Price- November 2009: $342,000

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

Average List to Average Sale Price ratio: 97 percent



Average Number of Days on Market: 61 days

Chilliwack Houses available for sale November 1, 2009: 740

Market: Buyer’s market



Graph: Chilliwack's Seasonal House Sale Activity



Comments



The strong market conditions in Vancouver and the western Fraser Valley (20% +) continue and the Chilliwack market is holding steady with a 15% sales to listing ratio. This means that the market is still in a Buyer market but is approaching a Balanced market. Mortgage monies are readily available at attractive rates. The graph above demonstrates a solid performance last month not far off the levels of 2007 and 2006. With respect to prices they dropped a little falling from an average of $348,000 in October to $342,000 in November.


The Abbotsford to Surrey area continues to post the best sales numbers in 4 years with 813 sales besting the 2006 sales numbers of 658 by quite a margin. There prices are edging upward and currently the average price of a single family detached home is $544,000 quite a difference over the Chilliwack average of $342,000. This variance of over $200,000 should make Chilliwack attractive for businesses considering a move as homes for staff are affordable.


Sellers: The market seems to be holding steady and prices are too. 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.  He would be happy to help you with your Chilliwack home selling or buying experience.

Copyright December 1, 2009 by Stephen Mullock.

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