Wednesday, April 1, 2015

Chilliwack* Real Estate Sales Review and Analysis March 2015


The Chilliwack* residential market for the "month of March" was the best we have seen since 2007!  Very welcomed news after pretty much a no show Chilliwack* market in February 2015.

A more detailed report follows the photographs divided between single family and strata housings.


* 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.

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


Chilliwack - 1160 sq. ft. 2 bdrms - $100,000 



Harrison Lake Beachfront - click for detail



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 161 sales of single family houses in March 2015. 

The Chilliwack* real estate market for single family detached houses rebounded nicely after the worst February market we have had for some time. I was wondering what March, after the poor showing in February, would look like, but, like January, it was a very good month for Chilliwack real estate sales.

Based on a 10-year average sale information March we should expect about 142 sales - so the 161 confirmed sales were nicely above the "norm" to 113% of the 10-year average.

2015 - 2011 Market Strength for Chilliwack* Single Family Houses

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

MonthJanFebMarAprMayJunJulyAugSeptOctNovDec
2015127%61113








201494%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%

Strong sales growth for Chilliwack* single family houses has been a trend since May 2014 this February constituting an exception. 

Sale prices on average were 97% of the listing prices of those properties sold. 

Inventory has increased only slightly, with the addition of 52 homes since then. 

MONTHSales/Average Sale Price/Days on Market/Active Listings
Mar
2015
161$366,00058781
Feb 201573$360,00073729
Mar
2014
124$349,00080n/a




The March median Sale price was $347,500 in a range we observed throughout 2014 which varied from a low of $334,500 to a high of $349,000. 

Median SALE Price of Chilliwack* Single Family Detached Homes (SFD)
  • March 2015 - $347,500
  • February 2015 - $374,500 
  • January 2015 - $324,500
  • 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

       
    Median LISTING Price of active Chilliwack* Single Family Detached Real Estate Homes:
    • April 1, 2015 - $385,000
    • March 4, 2015 - $379,900
    • February 2, 2015 - $369,000
    • 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

    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 94 sales of strata homes (apartments, townhouses) March 2015.

    The 94, Chilliwack* real estate board strata sales in March broke a downward trend started in January.  Based on a 10 year average for January, we should expect about 78 sales.  There was 94 sales last month - a 120% increase on the 10 year March average.
      
    Sale prices on average were 98% of listing prices of those properties sold. Inventory has fallen from 453 to 440 as a result of the demand.

    MONTHSales/Average Sale Price/Days on Market/Active Listings
    Mar 2015 94$234,00058440
    Feb 2015 31$240,00075453
    Mar 2014 58$240,00077n/a


    Median SALE Price of Chilliwack* Strata Homes
    • March 2015 - $230,000
    • February 2015 - $251,500
    • January 2015 - $231,500
    • 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


    Median LISTING Price of active Chilliwack* Strata Real Estate Listings:
    • April 1, 2015 - $220,000
    • March 4, 2015 - $199,900
    • February 2, 2015 - $204,500
    • 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


    2015 - 2012 Strata Market Strength

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

    MonthJanFebMarAprMayJunJulyAugSeptOctNovDec
    201583%42120








    201490%6672106105134869710210492127
    2013100%81%89%73%87%99%84%85%79%10868%90%
    201293%78%96%70%87%85%97%67%89%76%11482%

    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 contained 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 © 2015 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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