Wednesday, November 2, 2011

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



Every month I have a look at the relative strength of the Chilliwack* residential real estate market using data from the Multiple Listing Services of the Chilliwack & District and Fraser Valley real estate boards.  This approach is quite different from the normal reporting that focuses mainly on sale prices are they up or down.  While sale prices are important, my experience suggests that sellers of real estate are equally concerned about whether they will be able to sell at all, hence, the strength of the market is vital.

This post looks at the performance of October 2011 in the Chilliwack & District area which extends from Boston Bar to the Vedder Canal west of Chilliwack an area I call Fraser Cheam.  The analysis will be of interest to buyers and sellers of real estate, but, readers are advised for reviews of specific properties the services of a real estate professional member of the REIBC or a Realtor® should be used.

My credentials are fairly simple, over 30 years real estate experience in the local Chilliwack-Fraser Cheam real estate market and a sense of humour.

Chilliwack* Single Family Detached Housing Sales Report for October 2011

MONTH Sales Average Sale Price Days on Market Active Listings
Oct  2011  95 $357,000 87 1014
Sept 2011 116 $333,000 77 1078
Oct  2010 109 $350,000 60 n/a

Median SALE Price of Chilliwack* Single Family Detached Homes: October 2011 - $342,000

Median LISTING Price of active Chilliwack* Single Family Detached Real Estate Homes: November 2, 2011 - $369,900

I have been feeling great of late about the market, and, it seems in the last few days I have noticed more and more "Sold" stickers on real estate property for sale signs, however, the October numbers tell another story.  In the Chilliwack single family detached housing market there were only 95 sales in the 31 days of October.  In the decade before 2011 only one "October" was worse; that was 2008 at the height or depths of the financial meltdown.  As shown below market strength has slipped from a respectable showing in September of 86% to a not so delightful 70%.

Average sale prices of single family houses crept upward but there is a fair amount of volatility around such numbers and a single month's average do not tell the tale.  The successful negotiations that I was involved in this past month required sellers to be very flexible on their list prices, and, with the current list to sale ratio of only 9 houses selling in a 100 that situation is expected to continue.

2011 Market Strength

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

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


STRATA HOMES



The sale of strata units (townhouses, apartments) with 64 for the month was a great improvement over a sluggish strata market in September with its poor showing of 40 sales.  Still only 11 strata homes are selling each month for every 100 units on the market.





Chilliwack* Strata Housing Sales Report for October 2011


MONTH Sales Average Sale Price Days on Market Active Listings
Oct  2011 64 $204,000 66 566
Sept 2011 40 $223,000 61 591
Oct  2010 54 $214,000 74 n/a

Median Sale Price of Chilliwack* Strata Homes: October 2011 - $194,000

Median Price of Active Chilliwack* Strata Real Estate Listings: October 1, 2011 - $214,900


Using a Realtor® or professional member of the REIBC with local knowledge and experience is the best way to navigate through these difficult times.



 NEW LISTING - DEVELOPERS TAKE NOTE

Just listed a 4.785 acre parcel in the West Clayton area of Langley (Surrey) British Columbia for the price of $4,200,000.  This parcel is in Phase One of a development process currently underway by the City of Surrey. The property is located at 18638 74th Ave. Langley.  Appointments are required to view please give me a call if you are interested.


Stephen Mullock RI is an award winning full-time Realtor® with 30 years of experience and hundreds of sale.  He is a professional member of the Real Estate Institute of British Columbia (REIBC). Stephen, works out of the Chilliwack office of Royal LePage Wheeler Cheam Realty, 604-792-0077.  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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