Wednesday, September 2, 2015

Chilliwack Real Estate Review and Analysis August 2015


The August residential sale market in Chilliwack* took a corrective step cooling from a super HOT June when 361 multiple listing sales (MLS) were reported and July 2015 with 296 residential MLS sales in Chilliwack* .  In contrast, the August 2015 residential market had 232 sales. 

I should note that a new software program caused to me adjust my results a number of times after it was introduced in August - I will continue to monitor the situation. These results were adjusted Sept 11, 2015.


New Listing - Agassiz Home and .74 acre - $375,000

* 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.

**This report divides Chilliwack* residential properties into two classifications; single family detached and strata.  There can be significant differences 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 186 sales of single family houses in August 2015. 

We normally expect Chilliwack* real estate sales in August to be weaker than in July and this was the trend we saw. There were 199 Chilliwack* single family detached sales in July and 186 sales in August. 

Based on a 10-year average sale information, we should see about 138 sales in July - so 186 confirmed sales represent a very good month. 

August sales were 135% 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%61113124119149129135



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 5% with 688 detached homes available for sale on this date of writing. 

MONTHSales/Average Sale Price/Days on Market/Active Listings
Aug
2015
186$388,00050688
July  2015199$373,00062724
Aug
2014
163$334,00063n/a





August's median sale price was $358,000 - lower the 2015 median average for the first 6 months of $362,000. Last month the median sale price was $373,000 fluctuations are normal.

Median SALE Price of Chilliwack* Single Family Detached Homes (SFD)
  • August 2015 - $358,500
  • July 2015 - $355,000
  • 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:
    • Sept 2, 2015 - $419,450
    • Aug 4, 2015 - $414,900
    • 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.)


    While a seasonal pattern usually means fewer sales in August when compared to July so 97 sales in July compared to 78 sales in August is to be expected.

    Based on a 10-year average for August, we should expect about 64 sales. There were 78 sales of attached houses like apartments, townhouses, duplexes etc. in August or 122% 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 396 and prices for strata homes seem steady at this time.

    MONTHSales/Average Sale Price/Days on Market/Active Listings
    Aug 2015 55$226,00041396
    July 2015 59$229,00062427
    Aug 2014 66$243,00058n/a


    Median SALE Price of Chilliwack* Strata Homes
    • August 2015 - $225,750
    • July 2015 - $223,000
    • 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:
    • September 2, 2015 - $213,900
    • August 4, 2015 - $219,900
    • 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%42120104113130133122



    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 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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