Tuesday, June 1, 2010

Real Estate Analysis and Review - Chilliwack May 2010

Single Family Housing

A review and analysis of the May 2010 sales of single family detached houses showed a continuing seasonal strengthening of the market with 171 sales as compared to the 148 sales in April 2010. Looking at these 171 sales in May and comparing them to a 10-year May single family detached sale average of 188 we see a market improving but still down 10% from where it should be. There however are more and more bright spots appearing, in particular, the absorption of newly built single family detached housing.  CMHC reports in the May 2010 Housing Information Monthly that unabsorbed units of new single family houses have declined from 105 in April 2009 to 28 in April 2010.

Chilliwack* Single Family Detached Housing Sales Report - May 2010
MONTHSalesAverage Sale PriceDays on MarketActive Listings
May 2010171$366,000621052
April 2010148$367,000551099
May 2009173$342,00068n/a

Median Price of Active Chilliwack* Single Family Detached Real Estate Listings: June 1, 2010 - $368,800

Fraser Valley sales west of Chilliwack have also seen a successful month with 854 single family sales reported for the month of May 2010. An average sale price of $566,000 being achieved, this amount is $200,000 more than the Chilliwack housing average!  Retirement options in Chilliwack should be considered; that is a nice price differential to be captured and enjoyed.  I offer meaningful local insights and extensive experience for seniors sizing up Chilliwack as a retirement home - give me a call.


Chilliwack* Strata Housing (apartments, townhouses) Sales Report - May 2010
MONTH Sales Average Sale Price Days on Market Active Listings
May 2010 75 $222,000 59 553
April 2010 84 $228,000 99 547
May 2009 86 $205,000 107 n/a

Median Price of Active Chilliwack* Strata Real Estate Listings: May 1, 2010 - $214,900*   

In contrast to the slowly improving Chilliwack real estate market for single family houses the strata market, which includes apartments and townhouses, continues to struggle. The number of sales for strata in May actually went down over the April 2010 numbers! In our previous market analysis posting of May 1, 2010 a worry that the new lending requirements would slow the market was expressed, particularly in the strata market, as a large number of these are purchased by first time buyers.  Normally we would expect about a 9% pickup in the sale numbers May over April, so as this April had 84 sales we should have seen 90 or more sales and not the 75 sales reported.

The Chilliwack Strata real estate market remains in BUYERS territory and that is a great time to make a purchase.  The purchase and sale of strata properties has become increasingly complex the use of a real estate agent with local knowledge is essential.  It pays to be represented no matter what side of the transaction you are on.

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.

If you enjoyed reading this article, why not Subscribe to be notified of the next one? 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 June 1, 2010 Stephen Mullock 

1 comment:

  1. Hi Stephen

    Not sure if you would be interested in this or not, but recently I have heard alot of comments about the air pollution in Chillwack. As someone that is considering moving out there, this concerns me greatly. Would be great to see something on this in one of your newsletters. Just an idea. Thanks