Tuesday, October 1, 2013

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

 The Chilliwack* September  2013 real estate market had 193 residential real estate sales that include single family houses, bare land sales, multifamily properties and strata homes such as apartments and townhouses.

September 2013 was a SUPER month for sales of single family homes in the Chilliwack* real estate board with positive gains against all measures.  It was the first time in many years that the 10-year average monthly sales strength measure for single family detached homes has been exceeded. It was all good news for single family homes.

The strata home, (apartments, townhouses, duplexes) real estate market did not enjoy similar success and in fact showed less strength than a month ago.  Not bad news, but,still definitely well away from a balanced market. 


The real estate analysis of the Chilliwack* market below will focus on the two largest areas: single family houses and strata homes. First, a view of our beautiful valley from the Mount Cheam peak taken this past September.

Mount Cheam View of Fraser Valley©
 

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 142 sales of single family houses in September 2013.

The question I always ask about sale figures is, "is this good news, bad or indifferent"? I find it all depends on how you look at the numbers.  In this case however, for a change, it is all good news.

The 142, Chilliwack* real estate board single family detached, sales were more than the August 2013 total of 125 - and usually we would expect fewer sales in September than August.  This is the reversal, perhaps, in part due to people nervous about mortgage interest rate increases.

142 sales is a HUGE improvement over last September, 2012, when only 94 sales of single family detached houses were reported, but then, 2012 was truly a horrible year.
So far, we have an improvement over that previous month and a gigantic move up from a year ago, how about we look at the ten-year average for the month of September to get a proper measure of the market.  September data for the ten year period gives us an expectation that the Chilliwack* single family detached housing market in September should get about 135 sales. We saw 142 sales about 105% of that expected 135. This is SUPER month and the first time since we began our monthly 10 year average calculations

 February operated at about 68% of its 10-year average, March dropped to 60%, April was 77% , May 82%, June is 83% , July at 82%,  August at 87% and now September 105%.  The Chilliwack* real estate market that had been improving steadily since April took a huge leaf forward in September.



The median listing price of a Chilliwack* single family house which dropped from $359,900 in June 2013 to $349,900 in July, increased to $358,000 in August is $364,900 in September.  
 
Inventory levels have dropped in the last month from 960 to 911 Chilliwack* single family houses being available as of this date.
The lowest sale price in September is $13,500 and the highest $825,000; an incredible range, demonstrating that Chilliwack* has flexible housing options for every Buyer.

The average selling price of a Chilliwack* single family detached house in September 2013 was $335,000 up from $333,500 in August 2013.

The median sale price of $336,000 was down sharply from $309,500 a month earlier. As mentioned August seems to suffer a strange dip in prices and we predicted that they would bounce back up this month - which they have.

A list to sale ratio of almost 15.5 % is up from 12.5% a month earlier moving us into a Balanced Market for Chilliwack* single family detached homes.

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
Sept 2013 125 $335,000 75 911
Aug 2013 125 $333,500 65 960
Aug 2012 80 $328,000 94 n/a






Median SALE Price of Chilliwack* Single Family Detached Homes (SFD)
  • September 2013 - $336,000
  • August 2013 - $309,500
  • 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 :
  • October 1, 2013 - $364,900
  • September 3, 2014 - $358,000
  • 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% 87% 105%
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 September 2013



Mount Thom view of Promontory©




What a disappointment when I tabulated the sale results  of Chilliwack* Strata Homes, apartments, townhouses that they did not follow the same upward path of Chilliwack* single family houses.  Instead, they dropped off slightly in September, as expected with seasonal change, to 51 sales compared to 57 a month earlier. Compared to the 10-year average sales are repectable but less than hoped for.

The lowest sale was $52,500 and the highest $475,000.


The average selling price of a Chilliwack* Strata Homes in September 2013 was $203,000 down from the August 2013 $212,000 average sale price.

September's median sale price was $212,500 up from $209,900 in August.

The list to sale ratio of 9 % was down from August's 10%; 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.



MONTH Sales/ Average Sale Price/ Days on Market/ Active Listings
Sept  2013 87 $203,000 87 534
Aug 2013 57 $212,000 94 550
Sept 2012 86 $200,000 86 n/a

Median Sale Price of Chilliwack* Strata Homes:


  • September 2013 - $212,500
  • August 2013 - $209,900
  • 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:


  • October 1, 2013 - $214,900
  • September 3, 2013 - $194,500
  • 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% 85% 79%
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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