Monday, April 4, 2016

March 2016 - The Stephen Mullock Report: Chilliwack* Real Estate in Review and Analysis


If the  Chilliwack* and District Real Estate Board* (CADREB) real estate was HOT in February with 283 residential sales then March 2016 can be described as SMOKIN' HOT with 494 residential sales. Almost twice the number sold a year ago in March 2015 and an increase of 211 sales over February 2016 which had a total of 283 residential sales. 

My experience perhaps was typical with multi offer situations and buyers sitting nervously on the sidelines ready to jump on nearly any residential real estate with a price tag below $400,000. A stressful situation.  We saw the arrival of Vancouver agents with Asian buyers, purchases being made without the buyer ever seeing the property, and, over list price offers being made without conditions. Frantic. Not a recommended way to buy real estate but symptomatic of the times. I was successful in navigating my sellers and buyers through this charged environment a number of times, but not always, to a happy result.

Monthly statistics give us some insight on the overall strength and condition of the Chilliwack* real estate market. This report looks at the 3 most popular housing choices of the 6 available - single family detached homes, town houses and apartments.


Single Family Detached house sales were up 66% when compared to last month numbers with average prices increasing from $399,000 to $446,000. 


Townhouse sales were up 83% compared to last month but here average prices remained steady at  $292,000; there had been a significant price jump a month earlier.

Apartments, had been lagging and in March showed signs of finally joining the party with sale numbers improving by 70% when compared to February 2016 numbers.  Average sale prices rose from $159,000 to $172,000.  I did predict this a month ago and I am still expecting more.  

Residential inventory levels are down for the third consecutive month - at a time that they should be rising.  Compared to this time in 2015 the levels are 77% of what they were and we are seeing more buyers are in circulation. 

April is going to be another busy month. Working with real estate agents experienced in the "local" area is essential in this real estate environment.



SINGLE FAMILY DETACHED HOUSES  - SOLD


MONTHSales Average Sale Price 
Active Listings
Mar 2016 270$446,000
454
Feb 2016 163$399,000
468
Jan 2016 101$374,000428
Mar 2015 137$356,000   




TOWNHOUSES - SOLD

MONTHSales Average Sale Price    Active Listings
Mar 2016 143$292,000
184
Feb 2016 78$292,000
227
Jan 2016 47$261,000
206
Mar 2015 72$258,000





APARTMENTS - SOLD


MONTHSales Average Sale Price Active Listings
Mar 2016 46$172,000
174
Feb 2016 27$159,000
175
Jan 2016 21$133,000
161
Mar 2015 22$155,000

To get today's best value - contact local agent Stephen Mullock Realtor©

Imagine living here....



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.

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 © 2016 Stephen Mullock. All rights reserved. Reproduction in whole or part is prohibited without written permission.


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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