Friday, August 1, 2014

Chilliwack* Real Estate Sales Review and Analysis July 2014


July 2014 was another good month for the sale and purchase of real estate in the Chilliwack Real Estate Board.  There was ongoing strength in the single family housing market but some slippage in the sale of strata homes.  On the heels of spectacular June, strata sales cooled a little but were still stronger than a year ago in July 2013.  Prices are for the most part are 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.

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 166 sales of single family houses and 69 sales of strata homes such as townhouses, and apartments in July 2014.  

So far, the first 7 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.

1909 Heritage Home - $385,000 Click Pic for details

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 166 sales of single family houses in July 2014. This was down a little from the June total of 177 sales of Chilliwack single family homes.
  
A list to sale ratio of 16.7% is down from the 19.4% 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
Jul 2014166$358,00061998
Jun 2014177$355,00057989
Jul 2013133$382,00071n/a




Median SALE Price of Chilliwack* Single Family Detached Homes (SFD)
  • July 2014 - $346,000
  • 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:
    • August 1, 2014 - $359,900
    • 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%1008295100110104




      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.)


      Harrison 3 bedroom Beach Front Condo - $399,000


      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 69 sales of strata homes (apartments, townhouses) in July 2014.

      The 69, Chilliwack* real estate board strata sales were very similar to those of a year ago in July when 66 sales were recorded.  While they were substantially less than a month earlier June's 2014 this could in part be explained by a stronger than expected June and people making their buying decisions earlier. Based on a 10-year average for July we should expect about 80 sales.
        
      A list to sale ratio of 14% indicates that the market remains in Balanced territory calming last month's fears that it was moving into 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
      Jul  2014 69$226,00063522
      Jun  2014 109$218,00079482
      Jul  2013 66$229,00090n/a


      Median SALE Price of Chilliwack* Strata Homes:
      • July 2014 - $234,000
      • 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:
        • Aug 1, 2014 - $214,900
        • 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%667210610513486




        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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        Stephen Mullock
        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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