Tuesday, July 1, 2014

Chilliwack* Real Estate Review and Analysis June 2014


June was a remarkable period of time for the sale and purchase of real estate in the Chilliwack Real Estate Board.  Strength in both the sale of strata homes as well as single family detached homes lead to the best month this board area has seen since 2007.  What had been a Buyer's market seems to be evolving into a Seller's market which traditionally leads to price increases.  At present, however, prices are for the most part unchanged this year and still very competitive.  Low mortgage rates and a recovery in the economy are the driving forces behind the strength in the market.  

The Agassiz market appears to have been overlooked and some of the best buys are located there.

Steve was a great asset to help us sell our home in a short time.  In fact, time was not on our side, but with his help, we sold our house, we were and able to make the things work out just right. Steve was always available to answer any questions and to be ready to offer ideas for improvements.  Regardless of how busy he was, we always felt like he time for us and that we were listened to. We loved opportunities to meet with him regularly to discuss showings that occurred or to just simply check in. Easy to speak to and visit with, but very professional at the same time. He has sold two of our homes and helped us to buy one.  If anyone was looking for a realtor to work with, we would not hesitate to recommend Steve Mullock.


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 177 sales of single family houses and 109 sales of strata homes such as townhouses, and apartments in June 2014. A total of 286 residential properties representing a 3% increase in sales volume over May.  Very nice, since May was a really good month as well for the sale of Chilliwack* homes.  

So far, the first 6 months of 2014 have been the best real estate market conditions we have seen in since 2007, and, indications are that this trend will last for some time.


This report divides Chilliwack* residential properties into two classifications; single family detached and strata.  There is often a significant difference in market vigour between the two classifications and for this reason I like to view them separately.


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 177 sales of single family houses in June 2014. This was down a little from the May total of 184 sales of Chilliwack single family homes.
  
A list to sale ratio of 19.4% is similar to the 19.6% a month earlier indicating a balanced competitive market for Chilliwack* single family detached homes.

Please remember to use the services of 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.

MONTHSales/Average Sale Price/Days on Market/Active Listings
Jun 2014177$355,00057989
May 2014184$358,00053970
Jun 2013137$367,00074n/a




Median SALE Price of Chilliwack* Single Family Detached Homes (SFD)
  • June 2014 - $337,500
  • May 2014 - $349,000
  • April 2014 - $341,500
  • March 2014 - $347,500
  • February 2014 - $339,000
  • January 2014 - $348,000
  • December 2013 - $334,500
  • November  2013 - $334,000
  • October 2013 - $321,000
  • 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

       
    Median LISTING Price of active Chilliwack* Single Family Detached Real Estate Homes:
    • July 1, 2014 - $359,900
    • June 2, 2014 - $359,900
    • May 2, 2014 - $364,900
    • April 8, 2014 - $359,900
    • March 3, 2014 - $354,900
    • February 1, 2014 - $349,900
    • December 3, 2013 - $359,900
    • November 1, 2013 - $359,000
    • 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


      2013 - 2011 Market Strength for Chilliwack* Single Family Houses

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

      MonthJanFebMarAprMayJunJulyAugSeptOctNovDec
      2014 - %94%1008295100110





      201397%68%60%75%82%83%82%87%105%79%83%80%
      201281%67%77%77%83%70%88%54%70%88%91%80%
      201185%91%75%70%68%93%74%86%86%70%86%92%



      Sales of Strata Homes (Apartments, Townhouses etc.)



      Garrison Crossing Townhouses

      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 109 sales of strata homes (apartments, townhouses) in June 2014.

      The 109, Chilliwack* real estate board strata sales were a 17% pick up in strength when compared to the month earlier May's 2014 total of 93.  109 sales beat the 82 sales that would usually be expected for June based on a 10-year average by a substantial margin
        
      A list to sale ratio of 18% indicates that the market is moving from a Balanced to a Seller's market for Chilliwack* strata homes. 

      Once again, please remember to use the services of 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.


      
      MONTHSales/Average Sale Price/Days on Market/Active Listings
      Jun  2014 109$218,00079482
      May  2014 93$208,00078537
      Jun  2013 78$216,00092n/a


      Median SALE Price of Chilliwack* Strata Homes:
      • June 2014 - $219,500
      • May 2014 - $220,500
      • April 2014 - $220,500
      • March 2014 - $243,000
      • February 2014 - $239,000
      • January 2014 - $216,000
      • December 2013 - $232,500
      • November 2013 - $202,000
      • October 2013 - $199,500
      • 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



        Median LISTING Price of active Chilliwack* Strata Real Estate Listings:
        • July 1, 2014 - $219,000
        • June 2, 2014 - $219,900
        • May 2, 2014 - $214,900
        • April 8, 2014 - $219,000
        • March 3, 2014 - $219,900
        • February 1, 2014 - $219,900
        • January 2, 2014 - $212,500
        • December 3, 2013 - $214,900
        • November 1, 2013 - $214,900
        • 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


        2011 - 2013 Strata Market Strength

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

        MonthJanFebMarAprMayJunJulyAugSeptOctNovDec
        2014 - %90%6672106105134





        2013100%81%89%73%87%99%84%85%79%10868%90%
        201293%78%96%70%87%85%97%67%89%76%11482%
        2011100%10585%86%84%66%66%91%


        The information presented in this post has been prepared by the author Stephen Mullock, using information from the Chilliwack and District Real Estate Board.  The information has been drawn from sources deemed to be reliable, but the accuracy and completeness of the information are not guaranteed.

        In providing this information, neither Stephen Mullock nor the Chilliwack & District Real Estate Board assumes any responsibility or liability.

        Copyright © 2014 Stephen Mullock. All rights reserved. Reproduction in whole or part is prohibited without written permission.


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