Thursday, April 1, 2010

Real Estate Analysis and Review - Chilliwack March 2010

A review and analysis of the Chilliwack single family detached real estate housing market showed 136 sales in March 2010 a nice improvement when compared to the 116 sales in February the month before. In contrast to the paltry 108 transaction in March 2009 the market looks even better but looks can be deceiving, digging a little deeper we find that the ten year average number of sales for the month of March is 159 a 15% improvement over the March 2010 numbers. Still this market is gaining strength and the average sales price is strengthening up $6,000 over the February 2010 average. View this “BALANCED” real estate market with some cautious optimism as it is about to face a number of obstacles in the form of a HST tax and a re-jigging of Federal lending requirements.

Chilliwack Single Family Detached Housing - March 2010

Month/Year           Sales     Average Price    Days     Active Listings
March 2010            136        $366,000             51          928
February 2010        117        $360,000             57          753
March 2009            108        $335,000             64          n/a

With respect to the Fraser Valley market (Abbotsford to Delta) the average sale price on 886 purchases of single family houses for March 2010 was $561,000 a difference of $195,000 from the Chilliwack average.

To put it into a mortgage equivalent, another $1,230 a month would be needed to purchase the average priced house there at a 5.85% interest rate based on a 25 year amortized mortgage. Go Chilliwack!

Thinking of relocating your business perhaps the Chilliwack - Agassiz area should be shortlisted.

Chilliwack Strata Housing (apartments, townhouses) - March 2010

Month/Day       Sales     Average Sale Price     Days    Active Listings
March 2010        67         $221,000                     73         514
February 2010    60         $226,000                     48         474
March 2009        66         $223,000                    100        n/a

The Chilliwack Strata housing market has seen only a moderate increase in activity this past month with prices sagging a little perhaps as a result. Somewhat surprisingly, the 10 year average number of sales for the month of March is only 73 so the 67 sales recorded last month are not far off. This market remains firmly in BUYER market territory with a sale to listing ratio of 13.6%. If interested in purchasing find a real estate agent with local knowledge and strata experience – these purchases tend to be a bit more complicated and needing professional oversight.

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. The Fraser Valley West area embraces the entire Fraser Valley Real Estate Board area which extends from Abbotsford to Delta.


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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.


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