Monday, April 4, 2011

Chilliwack* Real Estate Market Review & Analysis:April 3, 2011


SINGLE FAMILY HOMES 

Chilliwack* Single Family Detached Housing Sales Report for March 2011

MONTH Sales Average Sale Price Days on Market Active Listings
March       2011  115 $326,000 76 949
February   2011  104 $331,000 80 847
March      2010  134 $349,000 49 n/a

Median Price of Active Chilliwack* Single Family Detached Real Estate Listings: April 3, 2011 - $378,000

The past month was a bit of a disappointment, after a reinvigorated February, we were expecting a continuing return to what we would consider normal market strength. While sales of Chilliwack* single family houses increased from 104 in February to 115 this past month the 115 sales were quite a bit lower than the 10 year average March monthly sale expectation of 159.  One way of putting it is that the Chilliwack* single family market is running at about 75% of full market conditions.  Fortunately, the strata housing market is faring much better as you will read below.

Average sale prices of Chilliwack* single family houses moved downward slightly in March to $326,000 from the $331,000 February average.  Generally, we would normally see average prices strengthening over the next quarter but this lack of sales suggests that prices may continue to adjust downward.  A year ago the average selling price of a Chilliwack* single family was $349,000 (March 2010) last month it was $326,000 (March 2011) a loss of value of approximately 7.5 percent.

It might be useful to compare the Chilliwack* experience with that of the adjoining Fraser Valley Real Estate Board (FVRB) area that extends west from Abbotsford (the Vedder Canal) to Delta; after all, misery loves company, doesn't it?

Unfortunately, the Fraser Valley sales are not good company at all, the 1,117 March 2011 single family house sales solidly outperforming the 10 year March monthly average of 957.  Good news indeed.  The average selling price of a FVRB single family house this past March is $654,118, an increase from the $561,418 average sale price in March 2010 of 16.5 percent.

Looks like the Sellers in the western part of the Fraser Valley & Vancouver have a great price advantage over the Chilliwack market and with a move into Chilliwack a chance to recapture substantial equity from their Fraser Valley & Vancouver property.  Who would not mind traveling a bit more in retirement?

There has been a build up of inventory of Chilliwack* single family houses this past month which is quite normal for the time of year.


STRATA HOMES

Chilliwack* Strata Housing Sales Report for March 2011
MONTH Sales Average Sale Price Days on Market Active Listings
Mar     2011  73 $212,000 67 479
Feb     2011  68 $207,000 96 440
Mar    2010  65 $221,000 75 n/a

Median Price of Active Chilliwack* Strata Real Estate Listings: April 3, 2011 - $219,900

The Chilliwack* strata home market is performing at the 10 year average sales rate of 73 March monthly sales and this is the second month of solid sales.  There is still considerable inventory, choice and very affordable prices the median list price currently at $219,900.

Notes:
This review and analysis looks at the residential markets in the Chilliwack* British Columbia area for the month of March 2011.  It is divided into two sections: single family houses and strata homes (apartments and townhouses) and is based upon my armchair analysis work.  Use it at your own discretion

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.

Copyright April 4, 2011 by Stephen Mullock.
Stephen Mullock RI is an award winning full-time real estate agent with 30 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 and friendly service you’ll be happy you did.

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