Wednesday, June 15, 2011

Chilliwack Real Estate Market Mid Month and Canuck Fever


Before getting to the statistics - Go, Canucks, Go!   Tonight, the Stanley Cup will either be awarded to the Vancouver Canucks or the Boston Bruins. I think this is Johnny Canuck's year....

 

Moving away from hockey back to real estate I thought that the British Columbia Real Estate Association (BCREA) end of May survey was quite interesting for sellers and buyers involved or considering a sale or purchase in the Chilliwack* - Fraser Cheam real estate market:

The BCREA 3 page report breaks down activity within British Columbia (BC) by Real Estate Board including the Chilliwack* Fraser Cheam area serviced by the Chilliwack and District Real Estate Board.

This BCREA report documents the current, challenging, real estate market for Sellers and Real Estate Agents that this blog has been writing about.  Some of the more important statistics include:
   
     (a) Inventory, the number of residential properties available for sale, is up by 5.5 %, when comparing end of May 2011 to May 2010, making this a very competitive market for Sellers and an opportunity for Buyers;

     (b) There were 20% fewer sales in May than one year ago;

     (c) January to May 31, 2011 shows 13.8% fewer sales than the January to May 31 period in 2010. As pointed out in my review on June 1, 2011 the real estate market in Chilliwack has been showing accelerating slippage in recent months - a real concern.

     (d) average Chilliwack* Fraser Cheam residential prices May 2011, for all types - single family & strata were 4.8% lower than one year ago in May 2010.

If you like statistics the economic team at BCREA do a terrific job especially when specific sub-markets such as the Chilliwack- Fraser Cheam area can be isolated from the speculative markets in Vancouver.

What to do, if you are selling?
  1. Hire a professional Realtor© with local knowledge and extensive experience,
  2. Keep up to date through sites such as this Blog with general trends in the market,
  3. If market prices are in decline and your Realtor© after a careful market analysis suggests a price adjustment - do so.
  4. Keep your property ready to show and make access easy,
  5. Good luck plays a part in all sales do not hastily reject an offer. And, finally...
Go, Canucks, Go!

Stephen Mullock RI is an award winning full-time real estate agent 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) for experience, local knowledge and friendly service you’ll be happy you did.

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