Thursday, July 2, 2015

Chilliwack* Real Estate Sales Review and Analysis June 2015


HOT that is how the weather has been and it is also how the Chilliwack* real estate market was this past June 2015.  How HOT was it?

Well, the Chilliwack* residential real estate market for the "month of June 2015" was the best "June" that has EVER BEEN recorded in the Chilliwack and District Real Estate Board area.  

There are a number of reasons that extend beyond the natural beauty of the eastern Fraser Valley, where the 8 communities that make up the Chilliwack and District Real Estate Board are located.  These factors include: affordable prices relative to the Vancouver and western parts of the Fraser Valley, low interest rates, positive expectations and a good selection of homes.

In general discussions with Chilliwack Realtors, price increases are common but still not universally shared by each housing alternative or area. Appropriate pricing remains essential to secure a sale.



* 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 discuss 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 250 sales of single family houses in June 2015. 

We normally expect Chilliwack* real estate sales in June to be weaker than the in May but they instead increased by 15%. There were 217 Chilliwack* single family detached sales in May and 250 sales in June.

Based on a 10-year average sale information, we should see about 168 sales in June - so 250 confirmed sales indicate HOT market conditions for Chilliwack single family detached homes.  June sales were 149% of the 10 year average.  While strong market conditions with the exception of February 2015 and November 2014 have prevailed for a year now this is most remarkable showing to date.

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%61113124119149





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%

Sale prices on average were 98% of the listing prices for those properties sold. 

Inventory has dropped due to sales activity by 8% with 750 detached homes available for sale on this date of writing. This should cause further upward pressure on prices. While it is difficult to predict what might happen my review of pricing in the 1990 - 2000 period indicated the seasonal market high was reached in June 50% of the time.

MONTHSales/Average Sale Price/Days on Market/Active Listings
June
2015
250$396,00048750
May 2015217$375,00062815
June
2014
177$368,00057n/a





June's median sale price was $374,500 - well above the 2015 median average for the first 5 months of $359,000. Last month the median sale price was $365,500.

Median SALE Price of Chilliwack* Single Family Detached Homes (SFD)
  • June 2015 - $374,500
  • May 2015 - $365,500
  • April 2015 - $383,000
  • 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:
    • July 1, 2015 - $399,900
    • June 1, 2015 - $388,900
    • May 4, 2015 - $389,900
    • 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 a Realtor© in the Chilliwack, Agassiz, Kent or Harrison Hot Springs areas.





    Sales of Strata Homes (apartments, townhouses etc.)


    Bucking seasonal trend June Chilliwack* strata sales were 111 up from the May total of 103 strata sales.

    Based on 10-year average for June, we should expect about 86 sales. There were 111 sales of attached houses like apartments, townhouses, duplexes etc. in June or 130% of the 10-year sales average for this same month. 
      
    Sale prices on average were 98% of listing prices of those properties sold. 

    Inventory is pretty stable at 443 and prices for strata homes seem steady at this time, but, there is often a lag in prices for strata when compared to the single family detached market segment.  I expect a higher average price next month based on the strength we are seeing in this market.

    MONTHSales/Average Sale Price/Days on Market/Active Listings
    June 2015 111$227,00070443
    May 2015 103$227,00077447
    June 2014 109$224,00079n/a


    Median SALE Price of Chilliwack* Strata Homes
    • June 2015 - $228,500
    • May 2015 - $231,500
    • April 2015 - $230,000
    • 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:
    • July 1, 2015 - $214,500
    • June 1, 2015 - $209,900
    • May 4, 2015 - $205,000
    • 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%42120104113130





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

    The best advice I can give you is this - 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 such 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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