Wednesday, January 7, 2015

Chilliwack* Real Estate Sales Review and Analysis December 2014


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 99 sales of single family houses and 57 sales of strata homes such as town houses, and apartments in December 2014.  A total of 156 for all housing types.

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

Some good news to begin. When compared to the 10-year average for December both the sale of single family detached homes and strata homes were well above expectations.

Low mortgage rates and a recovery in the economy are the 2014 - 2015  driving forces behind the strength in the market. 

Inventory levels are currently at an ebb due to demand and seasonal factors. 

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


Single Family Detached Homes


Prices, especially median SALE prices, for "single family houses" during the past twelve months have varied from a low of $334,500 to a high of $349,000.  The December "median" Sale price was towards the middle - $342,500.  The "average" SALE price was yanked up by a number of properties that sold above the million dollar mark and so is an unreliable guide this month.  I predict that the average sale price of a single family detached house will drop in a month's time to a more expected value.


Strata Homes

Life on Harrison Lake - Click Picture

Price determination for "strata" homes are often more difficult as smaller overall numbers can be easily impacted by sales of newer higher or lower priced developments.  So when the average sale price of a strata hit $196,000 in November I cautioned - do not be alarmed.  I expected this to recover very shortly.  Which it did, the average sale price in December being $214,000. 



A more detailed analysis follows.




 


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 99 sales of single family houses in December 2014. 

Not surprisingly the number of single family detached homes sales in December (99) was less than those in November (114). This is to be expected and follows a cyclical pattern. Still December can be categorized as being a super month based the ten year expectations for the month.  

Based on a 10-year average sale information for December we should expect about 81 sales - so the 99 sales achieved were well above the "norm".  In fact, this was the best December for single family detached houses since 2006.

The December median Sale price was $342,500 well within the range we have observed throughout 2014.
  
A list to sale ratio of 14.75% was similar to the 14.5% of last month.


There is a balanced competitive market for Chilliwack*.

While the median sale price was as expected - the average sale price rocketed upward caused by a number of sales above the million dollar mark.  For this reason the "median" is often considered a better measure of where values are.

MONTHSales/Average Sale Price/Days on Market/Active Listings
Dec
2014
99$409,00064607
Nov 2014114$351,00071735
Dec
2013
67$368,000109n/a





Median SALE Price of Chilliwack* Single Family Detached Homes (SFD)
  • December 2014 - $342,500
  • November 2014 - $337,500
  • October 2014 - $334,500
  • 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:
    • January 6, 2015 - $359,900
    • December 3, 2014 - $370,000
    • November 3, 2014 - $369,000
    • 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


      2014 - 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%100829510011010411610512798123
      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.)




      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 57 sales of strata homes (apartments, townhouses) December 2014.

      Beach Front Strata Living in Harrison - Click Picture


      The 57, Chilliwack* real estate board strata December sales show a ramping up of activity.  Based on a 10-year average for December, we should expect about 46 sales.  There were 57 sales this and last month.
        
      A list to sale ratio of 14.5% was more than last month's 13% but still indicates that the market remains in balanced territory.

      
      MONTHSales/Average Sale Price/Days on Market/Active Listings
      Dec  2014 57$214,00071436
      Nov 2014 57$196,00067436
      Dec  2013 41$231,000114n/a


      Median SALE Price of Chilliwack* Strata Homes
      • December 2014 - $228,000
      • November 2014 - $217,500
      • October 2014 - $216,000
      • 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:
        • January 6, 2015 - $195,500
        • December 1, 2014 - $199,900
        • November 3, 2014 - $232,500
        • 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 - 2014 Strata Market Strength

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

        MonthJanFebMarAprMayJunJulyAugSeptOctNovDec
        2014 - %90%6672106105134869710210492127
        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. Let me have a call if you are looking for professional service in the Chilliwack, Agassiz, Kent or Harrison Hot Springs areas.

        The information reported 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 such 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.


        Imagine living here...

        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.

        No comments:

        Post a Comment