Thursday, August 1, 2013

Chilliwack* Real Estate Market Conditions and Sales Analysis - July 2013

The Chilliwack* July 2013 real estate market had 208 residential real estate sales that include single family houses, bare land sales, multifamily properties in this case a duplex, and strata homes such as apartments and townhouses.  The real estate analysis of the Chilliwack* market below will focus on the two largest areas: single family houses and strata homes.
 
 

 Sales of Single Family Detached Houses

The Chilliwack* real estate board area (CADREB) which includes the outlying communities of Agassiz, Harrison Hot Springs, Hope and parts of the Fraser Cascade Regional District recorded a total of 137 sales of single family houses in July 2013. This 137 was exactly the same total that we had a month earlier in June but less than the 146 sales a year earlier in July 2012. When compared to the 10-year average this July had a 82% strength factor again similar to that of a month ago.
A ten-year average for the month of July would suggest that the Chilliwack* single family detached housing market should get about 168 sales. July showed moderate activity with its 82% strength factor; February operated at about 68% of its 10-year average, March dropped to 60%, April was 77% , May 82%, June is 83% and now July at 82%. Pretty steady the last few months and that is a welcomed sign.



Chilliwack's Sunflowers

 
The median listing price of a Chilliwack* single family house dropped again from $359,900 in June 2013 to $349,900. This has been a downward trend we have been following with median listing prices up to $369,900 only 3 months ago.  This shows that competitive factors still favour the buyer and that sellers are reacting by lowering asking prices.
 
Inventory levels have grown to 1028 Chilliwack* single family houses available as of this date.  This is up from 994 a month earlier.
The lowest sale price in July is $16,900 and the highest $1,300,000; an incredible range, giving Chilliwack* flexible housing options for every Buyer.

The average selling price of a Chilliwack* single family detached house in July 2013 was $376,500 up from the $366,000 in June 2013. Such averages can be skewed by the small number of sales and a few larger purchases at the upper end of the real estate market.

The median sale price was $349,500 is unchanged from the $349,500 of a month earlier.

The list to sale ratio of almost 13.5 % remains unchanged from a month earlier leaving the market in Buyer's territory.

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

MONTH Sales/ Average Sale Price/ Days on Market/ Active Listings
July 2013 137 $376,500 74 1028
June 2013 137 $366,000 74 994
July 2012 146 $360,000 72 n/a






Median SALE Price of Chilliwack* Single Family Detached Homes (SFD)
  • July 2013 - $347,500
  • June 2013 - $349,500
  • May 2013 - $339,500
  • April 2013 - $338,000
  • March 2013 - $364,000
  • February 2013 - $315,000
  • January 2013 - $329,500
  • December 2012 - $349,500
  • November 2012 - $317,000
  • October 2012 - $329,500
  • September 2012 - $326,500
  • August 2012 - $309,500
  • July 2012 - $344,000
  • June 2012 - $343,500
  • May 2012 - $328,500



Median LISTING Price of active Chilliwack* Single Family Detached Real Estate Homes :
  • August 1, 2013 - $349,900
  • July 2, 2013 $359,900
  • June 4, 2013 $365,000
  • May 2, 2013 $369,900
  • April 1, 2013 $359,900
  • March 1, 2013 $369,900
  • February 1, 2013 $359,900
  • January 3, 2013 $369,500
  • December 1, 2012 $363,500
  • November 1, 2012 $369,500
  • October 2, 2012 $369,900
  • September 3, 2012 $369,900
  • August 8, 2012 - $369,900
  • July 1, 2012 - $369,900
  • June 1, 2012 - $374,900
  • May 1, 2012 - $368,500


2013 - 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
2013 97% 68% 60% 75% 82% 83% 82%
2012 81% 67% 77% 77% 83% 70% 88% 54% 70% 88% 91% 80%
2011 85% 91% 75% 70% 68% 93% 74% 86% 86% 70% 86% 92%


Chilliwack* STRATA HOMES for July 2013



The sale of Chilliwack* Strata Homes, apartments, townhouses dropped off slightly in July with 67 sales compared to 78 a month earlier.

The lowest sale was $61,500 and the highest $528,000.


The average selling price of a Chilliwack* Strata Homes in July 2013 was $228,000 up from the June 2013 $216,000 average sale price.

The median sale price was $231,500 up from $211,000 in June and reflecting the sale of new units now on the market.

The list to sale ratio of 12 % was down from  June's 14.3%; a Buyer's sale advantage in townhouses and apartments in the Chilliwack* real estate market remains. Sellers should pay attention to their Realtor® recommendations and ask for market comparison updates on a monthly basis.

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 for professional service in the Chilliwack, Agassiz, Kent or Harrison Hot Springs areas.

Ripening in the Sun


MONTH Sales/ Average Sale Price/ Days on Market/ Active Listings
July  2013 67 $228,000 89 562
June 2013 78 $216,000 92 553
July 2012 74 $219,000 81 n/a

Median Sale Price of Chilliwack* Strata Homes:


  • July 2013 - $231,500
  • June 2013 - $211,000
  • May 2013 - $211,000
  • April 2013 - $204,000
  • March 2013 - $229,000
  • February 2013 - $208,000
  • January 2013 - $198,500
  • December 2012 - $200,000
  • November 2012 - $188,500
  • October 2012 - $239,500
  • September 2012 - $199,000
  • August 2012 - $232,500
  • July 2012 - $219,000
  • June 2012 - $224,500
  • May 2012 - $230,000


Median Price of Active Chilliwack* Strata Real Estate Listings:


  • August 1, 2013 - $212,000
  • July 2, 2013 - $213,900
  • June 4, 2013 - $214,900
  • May 2, 2013 - $210,000
  • April 1, 2013 - $212,500
  • March 1, 2013 - $209,900
  • February 1, 2013 - $217,500
  • January 3, 2012 - $198,000
  • December 1, 2012 - $212,000
  • November 1, 2012 - $209,900
  • October 2, 2012 - $189,900
  • September 3, 2012 - $209,900
  • August 8, 2012 - $209,900
  • 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


2011 - 2013 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
2013 100% 81% 89% 73% 87% 99% 84%
2012 93% 78% 96% 70% 87% 85% 97% 67% 89% 76% 114% 82%
2011 100% 105% 85% 86% 84% 66% 66% 91%



The analysis is based on my sole interpretation of multiple listing information gleaned from the Chilliwack and District Real Estate Board, the Fraser Valley Real Estate Board and the Greater Vancouver Real Estate Board and does not take into account private sales. It is up to you to decide on the validity of these results and if necessary seek further information.
  
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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