Wednesday, September 1, 2010

Real Estate Review and Analysis - Chilliwack September 1, 2010


The Chilliwack real estate market for a second straight month proved to be an under-performer with only 99 sales of single family houses recorded for the month of August 2010.  To put that into perceptive with other August months this past decade to reach an "average" sales target we would have expected around 150 sales. Sales numbers as you can see were off by a third. 

The average sale price of a single family house dropped pretty dramatically in August from prices achieved earlier this year and from those of a year ago.  The average sale price of the single family house that sold in August 2010 was less than three hundred thousand.  The last time the Chilliwack* area had an average less than $300,000 was in December 2006.  Is this a sign that a mystical housing bubble has broken?  My conversations with other real estate agents indicate that some erosion in price has occurred but significantly less than the 14% drop suggested between the July 2010 and August 2010 averages. All the same, Sellers are advised to keep in contact with their real estate representatives to adjust pricing as required. 

MONTH Sales Average Sale Price Days on Market Active Listings 
Aug 2010  99 $294,000 67 1029
July 2010 100 $341,000 61 1078
Aug 2009 145 $350,000 71 n/a

Median Price of Active Chilliwack* Single Family Detached Real Estate Listings: Aug 1, 2010 - $359,000


MONTH Sales Average Sale Price Days on Market Active Listings
Aug 2010 45 $199,000 77 555
July 2010 44 $228,000 79 552
Aug 2009 66 $210,000 82 n/a

Median Price of Active Chilliwack* Strata Real Estate Listings: Aug 1, 2010 - $229,900

Townhouses and apartments make up the bulk of the strata market and they also had a second poor monthly showing in August registering only 45 sales for the month.  This decade has seen 3 poorer "August" strata sale performances but an average "August" strata market should see nearly 60 sales in a month.  The average sale price dropped to $199,000 following a curious jump up in value in July to $228,000 perhaps due to a small statistical sample size.

*The analysis above is based on my interpretation of information provided through the Chilliwack and District Real Estate Board and does not include private sales.  The term "Chilliwack" is used quite loosely to refer to an area serviced by the Chilliwack and District Real Estate Board which includes communities such as Chilliwack, Sardis, Cultus Lake, Yarrow, Rosedale, Agassiz, Harrison Hot Springs, Harrison Mills. Hope, Yale and Boston Bar.  The Fraser Valley West embraces the entire Fraser Valley Real Estate Board area from Abbotsford west to Delta

Stephen Mullock RI is an award winning full-time real estate agent with 29 years of experience and hundreds of sales. Thinking of buying or selling real estate in the Fraser Cheam communities of Chilliwack, Agassiz or Harrison Hot Springs? Contact Steve (click here) for experience, local knowledge, friendly service that is usually on time; you’ll be happy you did.

1 comment:

  1. Thank You for providing the Sales overview each month for Chilliwack in a timely fashion. CADREB should take it's lead from you, they don't publish the numbers for last month on their website till at least halfway thru this month. It's begining to look like the cyclical downturn has arrived, and barring any government intervention it should bring some much needed price relief to buyers.