Sunday, July 3, 2011

Chilliwack* Real Estate Market Analysis and Review: July 2, 2011


SINGLE FAMILY HOMES 

Chilliwack* Single Family Detached Housing Sales Report for June 2011

MONTH Sales Average Sale Price Days on Market Active Listings
June    2011  165 $361,000 63 1073
May   2011  128 $355,000 66 1064
June   2010  150 $363,000 61 n/a

Median Price of Active Chilliwack* Single Family Detached Real Estate Listings: July 2, 2011 - $379,900

Good news for a change...
the market for single family houses in Chilliwack* strengthened for the first time since February 2011 with 165 sales in June. Over a 10-year period we would normally expect June to see on average 177 sales, so 165 represents about 93% of what we would usually anticipate.  Not bad, a big improvement over the sorry state that was the May numbers.

Average sale prices have been slowly improving up since the beginning of the year and currently are hovering around $361,000; this time a year ago they were $363,000.  Prices tend to expand through the spring and summer months and then retreat in the fall and winter. The exception to this occurs when there is a boom underway. At present there are 1,064 listings of single family houses in the Chilliwack area and the market seems to be moving from a Buyers Market into a Balanced Market.  No Boom.  A 15.4% sale to listing ratio occurred in June a month earlier this was only at 12%.

STRATA HOMES

Chilliwack* Strata Housing Sales Report for June 2011
MONTH Sales Average Sale Price Days on Market Active Listings
June      2011  65 $232,000 52 537
May     2011  70 $220,000 82 524
June     2010  70 $213,000 83 n/a

Median Price of Active Chilliwack* Strata Real Estate Listings: July 2, 2011 - $214,900

Not so rosy for...
the sale of Strata Units (apartments, townhouses) in the Chilliwack* area; this was an under-performer in June.  Usually, we would expect about 77 sales on a 10 year average.  Only 9.8% of the listing inventory was sold; the Chilliwack Strata Market falling once again into Buyer's territory.

Sellers need to ensure that they are working with a professional local real estate agent and that all parts of their marketing mix are in order such as: price, product condition, access (place), and promotion.  All items should be reviewed on a frequent basis and new sales and competitors discussed.  Once that is done prepare to be patient. I have a tailored program that keeps my clients up to date on values in their neighbourhood; other real estate agents will have similar services as well.

If you are interested in the Real Estate Foundation of British Columbia's most recent journey into Smithers British Columbia have a look at Sojourn in Smithers by Alicia. This site also has a couple fresh posts about this remarkable community "Looking for the Soul of Smithers BC" and "Smithers Old Church and the Meditation Garden".  I hope you enjoy them.

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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