Sunday, May 1, 2011

Chilliwack* Real Estate Market Analysis and Review: May 1, 2011


SINGLE FAMILY HOMES 

Chilliwack* Single Family Detached Housing Sales Report for April 2011

MONTH Sales Average Sale Price Days on Market Active Listings
April         2011  118 $350,000 70 1046
March      2011  115 $326,000 76 949
April        2010  146 $363,000 55 n/a

Median Price of Active Chilliwack* Single Family Detached Real Estate Listings: May 1, 2011 - $379,000

There was some good news in April, just not a lot, in regards to single family house sales in the Chilliwack Fraser Cheam area of the eastern Fraser Valley.  My review and analysis of the residential real estate market shows a trend that was first noticed in my posting of a month ago - that sales in the Chilliwack single family housing market were in fact slowing.  What do I base my conclusions upon?  As you can see from the graph above there were 118 sales in the month of April 2011 as compared to 115 sales in March 2011; and folks might be cheered from this news.  If you looked no further than that you could be happy as clam. The truth is, however that, a seasonal selling market would always predict more sales of single family houses in the Chilliwack* area in April as compared to March.  A year ago, the month of April 2010 produced 146 single family house sales in the Chilliwack* area.  The 10 year average for single family house sales in Chilliwack* is 168 sales.  So, the velocity of last month's activity performed at 70% of the 10 year average.  Last March the velocity was at 75% of the March 10 year average.  Chug Chug chug...

What was the good news?  Well the average sale price of a single family house rose indicating, not so much a buoyant rise in home prices but, rather, that purchases of higher priced properties have returned - something that has been lacking in recent months.

This remains an excellent time for buyers with a good supply of Chilliwack* real estate properties to choose from.  Sellers are advised to check all aspects of your marketing.  Make sure that the house is neat, tidy, easy to show, priced to the market, and offering a competitive real estate commission or bonus to real estate agents.

STRATA HOMES

Chilliwack* Strata Housing Sales Report for April 2011
MONTH Sales Average Sale Price Days on Market Active Listings
Apr      2011  69 $209,000 69 511
Mar     2011  73 $212,000 67 479
Apr     2010  84 $228,000 99 n/a

Median Price of Active Chilliwack* Strata Real Estate Listings: May 1, 2011 - $219,900

Sales of Chilliwack* Strata residences (apartments, townhouses) fell off as well in April with sale numbers that were even lower than those in March.  There were 69 sales of Chilliwack* Strata homes in April down from the 73 sales in March 2011.  This was also lower than the 10 year sales average of 80 so velocity is running at about 85% of the 10 year average.   This is a bit of a disappointing turnaround as Strata sales had been solid in February and March as reported in the February and the March Post.

Same advice to Buyers and Sellers as found above.

Notes:
This review and analysis looks at the residential markets in the Chilliwack* British Columbia area for the month of April 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 May 1, 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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