Friday, December 2, 2011

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

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

Chilliwack* Single Family Detached Housing Sales Report for November 2011

MONTH Sales Average Sale Price Days on Market Active Listings
Nov 2011  95 $306,000 71  956
Oct  2011  95 $357,000 87 1014
Nov 2010 109 $341,000 84 n/a

Median SALE Price of Chilliwack* Single Family Detached Homes (SFD): November 2011 - $300,000

Median LISTING Price of active Chilliwack* Single Family Detached Real Estate Homes: December 2, 2011 - $374,500

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 Nov
2011 85% 91% 75% 70% 68% 93% 74% 86% 86% 70% 86%

The number of sales remained unchanged at 95 from a month ago and that is a positive sign, as in general, the number of sales drop off, just a little, during the late fall and winter markets.  If we look at November sales of single family detached homes (SFD) for the decade prior to this one we see monthly sale totals as low as 38 in 2008 (financial meltdown) and as high as 160 in 2005.  On average, over this ten-year period there were 111 single family home sales in the month of November.  So for November 2011 we are at about 86% (95 divided by 111) of what could be considered as a normal Chilliwack* single family attached real estate market. Not bad but a market still having a large upside for improvement.

There are 10 sales of single family homes per 100 houses listed for sale on the Multiple Listing Service.  The number of listings is dropping as would be expected for this time of year, down from 1014 to 956 currently.

You will notice that the average house price seems to have taken a steep dive downward from an average of $357,000 in October 2011 to $306,000 and I would caution reading too much into these numbers.  With a smaller number of sales average prices tend to bounce around more than if a larger number of sales were being analyzed.  Do I think that prices have softened -yes- but not too the scale these numbers suggest.  If you would like to find out the value of your property I would suggest, once again, the use of a 
real estate professional member of the REIBC or a Realtor® (Royal LePage in Chilliwack). The best way to evaluate a single family home is compare it to recent sales and listings of similar dwellings in the neighbourhood a process that requires local knowledge, experience and a lot of skill.

There are as of this date good selections of single family homes for sale in the Chilliwack area - in fact there are 956 of them.  The low interest rates, the fine selection of homes and motivated sellers make this an excellent time for a purchase of Chilliwack real estate.


The sale of strata units (townhouses, apartments) with 39 for the month is low; we would expect the ten-year average of 55 for the month of November. Only 7 strata homes are selling each month for every 100 units on the market.

Chilliwack* Strata Housing Sales Report for November 2011

MONTH Sales Average Sale Price Days on Market Active Listings
Nov 2011 39 $193,000 63 566
Oct 2011 64 $204,000 66 566
Nov 2010 39 $201,000 77 n/a

Median Sale Price of Chilliwack* Strata Homes: November 2011 - $202,500

Median Price of Active Chilliwack* Strata Real Estate Listings: October 1, 2011 - $209,900

FOR SALE: Abbotsford Custom 2 Storey House - $529,000 (click image for details)

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) of Royal LePage Wheeler Cheam Realty (Chilliwack) for experience, local knowledge and friendly service.

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