Tuesday, August 9, 2016

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


The Chilliwack* and District Real Estate Board* (CADREB) residential real estate market slowed in July 2016 with a total of 387 residential sales compared to 544 in June. This year a blistering pace of sales has been seen in this small residential market with numerous sale records being set. I should mention that is common for a seasonal slowing of the market to take place after the month June which accounts for part of the decline - but only a part.

Put Steve Mullock to work for you!


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 prevalent housing choices - single family detached homes, town houses and apartments.


Single Family Detached SFD house sales were down slightly when compared to the month before (204 vs 277). This was the second consecutive month of declining SFD sales numbers. Average prices dropped to $469,000 down from $486,000. This is the only time that average sale prices for single family detached houses in Chilliwack* have dropped in 2016. The average sale price in May was $471,000.

Townhouse sales were down significantly (101 vs 151) compared to the previous month with average prices also down in July $322,000 from $330,000. 

Apartment sales did well in June, but they also retreated in July with 101 sales compared to 151 a month earlier.  Average apartment sale prices jumped up in June to $195,000 and July saw a slight reduction to $192,000.

Residential inventory levels as of August 1, 2016 are down to 937 dwellings.  Compared to this time in 2015 the levels are 71% of what they were. 

August is yet another busy real estate month. 


Final word of advice - working and building a relationship with real estate agents experienced in the "local" area is vital in this competitive real estate environment.



SINGLE FAMILY DETACHED HOUSES  - SOLD



MONTHSales Average Sale Price 
Active Listings
Jul 2016 204$469,000
501
Jun 2016 277$486,000
475
May 2016 301$471,000448
Jul 2015 171$370,000   




TOWNHOUSES - SOLD

MONTHSales Average Sale Price    Active Listings
Jul 2016 101$322,000
154
Jun 2016 151$330,000
153
May 2016 125$317,000
156
Jul 2016 70$280,000





APARTMENTS - SOLD



MONTHSales Average Sale Price Active Listings
Jul 2016 53$192,000
122
Jun 2016 67$195,000
140
May 2016 56$175,000
148
Jun 2015 35$150,000



Key point - it is always essential to hire a local real estate agent who will put your interests first that may include professional advice you don't want to hear. 

Sellers - it is important to have a destination in mind as the remaining inventory has been hammered by demand in 2016. Granted we are seeing a gradual built up in inventory a month ago it was 66% and now it is 71% of the supply this same time last year.

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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