Wednesday, October 1, 2014

Chilliwack* Real Estate Sales Review and Analysis September 2014


It has been awhile since we have seen a year as strong as 2014 in the sale of Chilliwack* real estate.  In fact, you have to go back to 2007 to find comparable sale volumes.  A welcomed relief for many homeowners and would be sellers. Buyers too must be pleased with relatively stable housing prices and low mortgage rates. 

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 146 sales of single family houses and 64 sales of strata homes such as townhouses, and apartments in September 2014.  A total of 210 for all housing types.

The sale of single family houses remains in solid territory 5% higher than the 10-year average for September.   Strata home sales are likewise showing strength - 2% above the 10-year average for the month.

Prices are for the most part are unchanged this year and remain very competitive.  Low mortgage rates and a recovery in the economy are the driving forces behind the strength in the market. Inventory levels are currently dropping due to an increase in demand and seasonal factors. 

Some of the best buys can be found in the Agassiz community a 20 minute drive from Chilliwack.

OPEN HOUSE 1596 Canterbury Drive, Agassiz


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 146 sales of single family houses in September 2014. This was down a little from the August total of 163 sales of Chilliwack single family homes but we anticipate fewer sales in September compared to August.  Based on a 10-year average for September we should expect about 133 sales - so the 146 sales were above the "norm".
  
A list to sale ratio of 15.5% is down from the 16.7% of last month but it is still indicating that there is a balanced competitive market for Chilliwack* single family detached homes.

MONTHSales/Average Sale Price/Days on Market/Active Listings
Sept 2014146$354,00064924
Aug 2014163$334,00063956
Sept 2013140$331,00075n/a




As "average sale prices" can be impacted in a disproportionate manner by the sale of high-end properties the "median" is often considered a better measure of where values are, as follows:  


Median SALE Price of Chilliwack* Single Family Detached Homes (SFD)
  • September 2014 - $338,500
  • August 2014 - $339,500
  • 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:
    • October 1, 2014 - $364,000
    • September 2, 2014 - $358,500
    • 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%1008295100110104116105


      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%

      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.





      Sales of Strata Homes (Apartments, Townhouses etc.)


      Harrison 3 bedroom Beach Front Condo


      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 64 sales of strata homes (apartments, townhouses) in September 2014.

      The 64, Chilliwack* real estate board strata sales were very similar to August's total when 65 sales were recorded. Based on a 10-year average for August we should expect about 62 sales.
        
      A list to sale ratio of 12.9% indicates that the market remains in Balanced territory calming fears that it was moving into a Seller's market for Chilliwack* strata homes. 

      
      MONTHSales/Average Sale Price/Days on Market/Active Listings
      Sept  2014 64$235,00059503
      Aug  2014 65$231,00084489
      Aug  2013 57$212,00094n/a


      Median SALE Price of Chilliwack* Strata Homes
      • September 2014 - $245,000
      • August 2014 - $234,500
      • 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:
        • October 1, 2014 - $210,000
        • September 2, 2014 - $216,900
        • 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%66721061051348697102


        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%

        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.

        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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        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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