Sunday, July 1, 2012

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

Chilliwack* SINGLE FAMILY HOMES - for June 2012


This past week I received a special thank note in the form of the handmade card shown in this article. The "car ride" reference, in the second image, relates to how I placed this young couple in the back of my car to chauffer them around and asked them to call me "James".  Such wonderful people - it was a privilege to be their Realtor®.

The month of June saw an uncharacteristic softening of sales in the single family housing market and a continuation of some recent successes in the strata market (apartments, townhouses etc.).

The sales of Chilliwack* single family homes in the month of June is usually one of the strongest months of the year.  This year Chilliwack single family sales in June slumped to 70% of what we would expect over a ten year average with only 123 sales reported.  There are plenty of ways to point the finger: inclement weather, world financial woes, news story predictions of tumbling values in Vancouver and Toronto.  The reality is that while this June was the worst month of Chilliwack single family sales since the June of 2000 its' numbers simply reflect the struggling market conditions that have existed since 2008.

The average sale price of Chilliwack* single family houses remain steady up $1,000 from last month to $341,000.  The lowest selling price $12,500 for a mobile home in Hope and the highest $810,000 for a beautiful 2 storey house on 2 acres off of Camp River Road.

The median Chilliwack* single family sale price of $343,500 is not far from the average sale price. 

Median listing prices remain hovering around $370,000 a value pretty consistent since March 2012.


Please remember to use the services of a REIBC real estate professional or a Realtor© to maximize your chances for a successful sale.  Give me a call if you are looking in the Chilliwack, Agassiz, Kent or Harrison Hot Springs areas.




Sales
Average Sale Price Days on Market Active Listings
June 2012 123 $341,000 76 1125
May 2012 167 $340,000 70 1070
June 2011 162 $364,000 63 n/a






Median SALE Price of Chilliwack* Single Family Detached Homes (SFD)



  • June 2012 - $343,500
  • May 2012 - $328,500
  • April 2012 - $327,500
  • March 2012 - $340,500
  • February 2012 - $332,500


Median LISTING Price of active (1070) Chilliwack* Single Family Detached Real Estate Homes :



  • July 1, 2012 - $369,900
  • June 1, 2012 - $374,900
  • May 1, 2012 - $368,500
  • April 2, 2012 - $365,000
  • March 2, 2012 - $369,900


2012 - 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
2012 81% 67% 77% 77% 83% 70%
2011 85% 91% 75% 70% 68% 93% 74% 86% 86% 70% 86% 92%


Chilliwack* STRATA HOMES for June 2012



The Chilliwack* strata market (townhouses, apartments) had a pretty good month with 67 sales reflecting 85% strength when compared to the 10-year average for the month of June.  Some of this activity can be attributed to smart buyers securing their properties before the Federal government pulls the plug on 30 year amortization periods

There remains a healthy inventory of both new and used townhouses to the advantage of the buyer.


MONTH Sales Average Sale Price Days on Market Active Listings
June 2012 67 $215,000 83 610
May 2012 74 $215,000 94 617
June 2011 65 $232,000 52 n/a

Median Sale Price of Chilliwack* Strata Homes:



  • June 2012 - $224,500
  • May 2012 - $230,000
  • April - $230,500
  • March - $210,500
  • February - $204,000

Median Price of Active Chilliwack* Strata Real Estate Listings:



  • July 1, 2012 - $214,900
  • June 1, 2012 - $220,000
  • May 1, 2012 - $220,000
  • April 2, 2012 - $218,900
  • March 2, 2012 - $216,000




2012 - 2011 Strata Market Strength




Strata Home Monthly Unit Sales as % of a 10-Year Monthly Sales Average




Month Jan Feb Mar Apr May Jun July Aug Sept Oct Nov Dec
2012 93% 78% 96% 70% 87% 85%
2011 100% 105% 85% 86% 84% 66% 66% 91%


Notes:This review and analysis looks at the residential markets in the Chilliwack* British Columbia area for the month of June 2012. It is divided into two sections: single family houses and strata homes (apartments and townhouses) and is based upon my armchair analysis work. Use it at your own discretion and risk.

The analysis above is based on my interpretation of information provided by the Chilliwack and District Real Estate Board and does not take into account private sales.

*The term "Chilliwack" is used here quite loosely to refer to an area serviced by the Chilliwack and District Real Estate Board which includes communities such as Chilliwack, Agassiz, Harrison Hot Springs, Hope, Yale and Boston Bar.




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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