Wednesday, December 28, 2011

Chilliwack* Real Estate Market Analysis and Review: December 2011



This, the first post of the year, looks at the performance of the December 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" British Columbia, Canada. This analysis will be of interest to homeowners, people considering a purchase in 2012, real estate professionals and the curious.  Every real estate property is unique, and consequently, if you are thinking about acquiring or selling a property in the Chilliwack, Agassiz, Harrison Hot Springs Fraser Cheam communities I would advise that you get the professional services of a member of the Real Estate Institute of BC (RI or REIBC) or a Realtor®.

Chilliwack* Single Family Detached Housing Sales Report for December 2011

MONTH Sales Average Sale Price Days on Market Active Listings
Dec 2011 80 $314,500 82 722
Nov 2011 95 $306,000 71 956
Dec 2010 79 $288,000 67 n/a




Median SALE Price of Chilliwack* Single Family Detached Homes (SFD): December 2011 - $314,500

Median LISTING Price of active Chilliwack* Single Family Detached Real Estate Homes: January 3, 2012 - $369,000

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 Dec
2011 85% 91% 75% 70% 68% 93% 74% 86% 86% 70% 86% 92%

A couple of comments, the first is that December was a good month for Chilliwack single family detached house sales - with a strength of about  92% of what we would expect sales to be for the month of December.  That is quite encouraging.  I also see that the listings of homes for sale has dropped significantly from 956 to 722 reflecting that many sellers elect to take their property off the Chilliwack real estate market for the holiday season.  Average sale prices have bounced upward once again and are up significantly from the poor showing a year ago.  All in all everything is looking good for 2012.


STRATA HOMES


The sale of strata units (townhouses, apartments) with 39 for the month is also a respectable result; we would expect the ten-year average of 43 for the month of December. Still there is a large inventory of townhouses and apartments and less than 10% of them are selling each month. Sellers should to show some flexibility in their negotiations.

Chilliwack* Strata Housing Sales Report for November 2011


MONTH Sales Average Sale Price Days on Market Active Listings
Dec 2011 39 $215,000 100 445
Nov 2011 39 $193,000 63 566
Dec 2010 41 $218,500 88 n/a

Median Sale Price of Chilliwack* Strata Homes: December 2011 - $214,000

Median Price of Active Chilliwack* Strata Real Estate Listings: October 1, 2011 - $206,500


Stephen Mullock RI is an award winning full-time Realtor® with 30 years of experience and a professional member of the Real Estate Institute of British Columbia. 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 for experience, local knowledge and friendly service.

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