Thursday, September 1, 2011

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


This post is part of an ongoing monthly series that examines the relative strength of the Chilliwack* real estate market from data, provided through the Multiple Listing Services of the Chilliwack and District Real Estate and Fraser Valley Real Estate Boards.  It will be of interest to anyone that owns or is considering a purchase of real estate in the Chilliwack, Agassiz, Harrison Hot Springs or Hope communities. This Chilliwack* real estate "armchair analysis" of mine is general in substance, and, as properties are unique, in their very nature, a more specific overview of an individual property should involve the use of a real estate professional member of the (REIBC) or a Realtor®.

SINGLE FAMILY HOMES


Chilliwack* Single Family Detached Housing Sales Report for August 2011


MONTH Sales Average Sale Price Days on Market Active Listings
Aug 2011 127 $349,000 78 1128
July 2011 127 $348,000 80 1139
Aug 2010 97 $296,000 66 n/a

NEW - Median Sale Price of Chilliwack* Single Family Detached Homes: August 2011 - $338,000

Median Price of Active Chilliwack* Single Family Detached Real Estate Listings: September 1, 2011 - $379,900

With a sales to list ratio of 11.2%,  127 sales over an average listing inventory of 1133 properties, Chilliwack's* August real estate market showed a nice improvement over that of July's.  Looking, further back, at the dismal results of August 2010, 97 sales, it is good to see the 2011 market that much stronger.  Having said that, this period is running at about 86% of where it should be and remains a challenging time for sellers and real estate agents alike.

Buyers have many advantages in this type of real estate market, good selection, reasonable prices and low mortgage interest rates. If you are interested in purchasing in the Chilliwack* market I would be pleased to be of assistance.

The average Chilliwack* home price of $349,000 in August 2011 remains stable when compared to the average home price a month ago.

2011 Market Strength

Single Family House Monthly Unit Sales as % of 10-Year Monthly Sales Average

Month Jan Feb Mar Apr May Jun July Aug
2011 85% 91% 75% 70% 68% 93% 74% 86%

The above chart very simply tells us when the market is running and when it is retreating. My sense is that when the market is running at about 85% healthy expectations are present.

August, was a much stronger month for sales than July when seasonal factors are considered, even though the same number of sales, 127, occurred in each of the two months.



STRATA HOMES



Chilliwack* Strata Housing Sales Report for August 2011

MONTH Sales Average Sale Price Days on Market Active Listings
Aug 2011 64 $211,000 86 553
July 2011 50 $210,000 81 592
Aug 2010 45 $195,000 77 n/a

NEW - Median Sale Price of Chilliwack* Strata Homes: August 2011 - $225,000

Median Price of Active Chilliwack* Strata Real Estate Listings: September 1, 2011 - $194,900

August 2011 was a pretty decent month for sales of strata units (townhouses, apartments) in the Chilliwack* real estate board area with 64 sales in total. Prices were up from a year ago and similar to those a month ago in July 2011. There remains a healthy inventory of strata units for Buyers to choose from. Given some of the complex issues surrounding the strata form of real estate the services of a real estate professional (REIBC) or a Realtor® should always be employed.

 FORECAST

On August 25, 2011 the British Columbia Real Estate Association (BCREA) released its 2011 third quarter housing forecast which calls for a moderate growth in sales for the coming year, but at a rate still well below activity levels recorded in the previous decade.  Page two of the document deserves a closer look as it breaks down the province into the 11 real estate board areas that serve it and their specific results. From this table it is easy to understand that while as a province, home price might be increasing, this is due almost completely to the heated markets in Vancouver and the western Fraser Valley.

This is a great time for those in Vancouver and the western Fraser Valley take advantage of this price arbitrage by selling and then buying in another part of the province - I hear that properties in the eastern Fraser Valley are pretty nice.

Imagine living here....


Featured Real Estate Properties for Sale (as of September 1, 2011)

1645 No. 9 Hwy. Agassiz  - $249,900
34856 Marshall Road, Abbotsford - $539,000
241 Balsam Ave. Harrison Hot Springs - $459,000
6432 Wilson Road, Agassiz  - $599,000


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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