Wednesday, February 1, 2012

Chilliwack* Real Estate Market Conditions and Sales Analysis - February 2012


Dug this driveway out a few times.
The weather was pretty brutal in the month of January for us, delicate Fraser Valley west coasters, and, as a result, the sale of single family detached houses in the Chilliwack* Fraser Cheam area suffered.  As we leave the poor weather behind we can expect to see a resurgence of real estate listings coming onto the market and a return of stronger sale figures.  What are the January sale figures suggesting about 2012?

It is interesting to note that the average price for a single family detached house in the Chilliwack Fraser Cheam real estate multiple listing area has not changed significantly from a year ago.  This suggests that the market may be at its bottom.  Why?  Prices are always "sticky" on the way down but eventually plateau; sometimes for long periods of time.  I believe this is what is happening currently.  The last strong Chilliwack real estate market, believe it or not, was 5 years ago in January 2007 with 99 sales in the month - at that time when the average sale price of a Chilliwack single family residence was $300,000.  Mortgage rates also factor into the equation, currently these are very low and show no sign of increasing in the near future.  Nine single family houses for every 100 homes on the Chilliwack real estate MLS sold in the month of January 2012 - giving a fine advantage to buyers looking to purchase.

MONTHSalesAverage Sale PriceDays on MarketActive Listings
Jan 201270$312,00081773
Dec 201182$314,50082722
Jan 201180$316,00080n/a





Median SALE Price of Chilliwack* Single Family Detached Homes (SFD): January 2012 - $311,000 up from $300,000 last month.

Median LISTING Price of active Chilliwack* Single Family Detached Real Estate Homes: February 1, 2012 - $369,900 - similar to a last month.

2012 - 2011 Market Strength

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

MonthJanFebMarAprMayJunJulyAugSeptOctNovDec
201281%
201185%91%75%70%68%93%74%86%86%70%86%92%

As mentioned, it is not surprising that sales were down in January as the weather was quite poor.  There will be a spill-over effect when we look at the February 2012 statistics and we can expect,  a similar dampening effect (I guess that comes with the snow and rain).


STRATA HOMES


The sale of strata units (townhouses, apartments) with 43 for the month is reasonable; we would expect the ten-year average of 46 for the month of January. Seven strata homes are selling each month for every 100 units on the market. Clearly, the market for strata homes remains in Buyer's territory - plenty of selection and good pricing with an average list price of $210,000.

Chilliwack*Strata Housing Sales Report for January 2012

MONTHSalesAverage Sale PriceDays on MarketActive Listings
Jan 201243$225,00088493
Dec 201139$215,000100445
Jan 201139$208,00076n/a

Median Sale Price of Chilliwack* Strata Homes: January 2012 - $237,000

Median Price of Active Chilliwack* Strata Real Estate Listings: February 1, 2012 - $210,000

Stephen Mullock RI
is an award winning full-time real estate specialist 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 for experience, local knowledge and friendly service you’ll be happy you did.

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