Monday, November 3, 2014

Chilliwack* Real Estate Sales Review and Analysis October 2014


2014 continues to be an impressive time in the sale of Chilliwack* real estate.  In fact, you have to get back to 2007 to find comparable sale volumes.  A welcomed relief for many homeowners and would be sellers. Buyers too must be pleased with relatively stable housing prices and low mortgage rates. 

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 159 sales of single family houses and 71 sales of strata homes such as town houses, and apartments in October 2014.  A total of 230 for all housing types and 20 better than the 210 sales in September.  This is not normal, generally, fewer sales take place in October when compared to September. 

The sale numbers of single family houses remain in solid territory 27% higher than the 10-year average for September.   Strata home sales are likewise showing strength 4% above the 10-year average for the month.

Prices are for the most part are unchanged this year and remain very competitive.  Low mortgage rates and a recovery in the economy are the driving forces behind the strength in the market. Inventory levels are currently dropping due to an increase in demand and seasonal factors. 

Some of the best buys can be found in the Agassiz community a 20 minute drive from Chilliwack.

Mount Cheam Ridge Morning Fog © Stephen Mullock

This report divides Chilliwack* residential properties into two classifications; single family detached and strata.  There is often a significant difference in market vigour between the two classifications and for this reason I like to view 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 159 sales of single family houses in October 2014. 

Somewhat surprisingly the number of single family detached homes sales in October (159) was higher than those in September (146). This suggests a very active market as sales tends to drop during the fall and winter. 

Based on a 10-year average for October we should expect about 126 sales - so the 159 sales were well above the "norm".  In fact, this was the third best October for single family detached houses since 2004.
  
A list to sale ratio of 18% was up significantly from the 15.5% of last month.  There is a balanced competitive market for Chilliwack* Single family detached homes at this time but upward demand can lead to price increases.  Median sale prices are still trending downward at this point however - a great time to get involved in a purchase.

MONTHSales/Average Sale Price/Days on Market/Active Listings
Oct
2014
159$350,00067834
Sept 2014146$354,00064924
Oct
2013
103$339,00075n/a




As "average sale prices" can be impacted in a disproportionate manner by the sale of high-end properties the "median" is often considered a better measure of where values are, as follows:  


Median SALE Price of Chilliwack* Single Family Detached Homes (SFD)
  • 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
  • December 2013 - $334,500
  • November  2013 - $334,000
  • October 2013 - $321,000
  • September 2013 - $336,000
  • August 2013 - $309,500
  • July 2013 - $347,500
  • June 2013 - $349,500
  • May 2013 - $339,500
  • April 2013 - $338,000
  • March 2013 - $364,000
  • February 2013 - $315,000

       
    Median LISTING Price of active Chilliwack* Single Family Detached Real Estate Homes:
    • 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
    • December 3, 2013 - $359,900
    • November 1, 2013 - $359,000
    • October 1, 2013 - $364,900
    • September 3, 2014 - $358,000
    • August 1, 2013 - $349,900
    • July 2, 2013 $359,900
    • June 4, 2013 $365,000
    • May 2, 2013 $369,900
    • April 1, 2013 $359,900


      2013 - 2011 Market Strength for Chilliwack* Single Family Houses

      Single Family House Monthly Unit Sales as % of a 10-Year Monthly Sales Average

      MonthJanFebMarAprMayJunJulyAugSeptOctNovDec
      2014 - %94%1008295100110104116105127

      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%

      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 professional service in the Chilliwack, Agassiz, Kent or Harrison Hot Springs areas.





      Sales of Strata Homes (Apartments, Townhouses etc.)




      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 71 sales of strata homes (apartments, townhouses) October 2014.

      Harrison Beach for $385,000 - Plan for 2015 with a Great Buy


      The 71, Chilliwack* real estate board strata October sales were also bucking the cyclical trend just like the sale of single family detached houses.  Based on a 10-year average for October, we should expect about 62 sales.  There were 64 sales last month.
        
      A list to sale ratio of 14.6% indicates that the market remains in Balanced territory but was stronger than last month's result.

      
      MONTHSales/Average Sale Price/Days on Market/Active Listings
      Oct   2014 71$216,000100463
      Sept  2014 64$235,00059503
      Oct  2013 73$198,00080n/a




      October 2014 - $224,500Median SALE Price of Chilliwack* Strata Homes
      • 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
      • December 2013 - $232,500
      • November 2013 - $202,000
      • October 2013 - $199,500
      • September 2013 - $212,500
      • August 2013 - $209,900
      • July 2013 - $231,500
      • June 2013 - $211,000
      • May 2013 - $211,000
      • April 2013 - $204,000
      • March 2013 - $229,000
      • February 2013 - $208,000



        Median LISTING Price of active Chilliwack* Strata Real Estate Listings:
        • 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
        • February 1, 2014 - $219,900
        • January 2, 2014 - $212,500
        • December 3, 2013 - $214,900
        • November 1, 2013 - $214,900
        • October 1, 2013 - $214,900
        • September 3, 2013 - $194,500
        • August 1, 2013 - $212,000
        • July 2, 2013 - $213,900
        • June 4, 2013 - $214,900
        • May 2, 2013 - $210,000
        • April 1, 2013 - $212,500
        • March 1, 2013 - $209,900
        • February 1, 2013 - $217,500


        2011 - 2013 Strata Market Strength

        Strata Home Monthly Unit Sales as % of a 10-Year Monthly Sales Average

        MonthJanFebMarAprMayJunJulyAugSeptOctNovDec
        2014 - %90%66721061051348697102104

        2013100%81%89%73%87%99%84%85%79%10868%90%
        201293%78%96%70%87%85%97%67%89%76%11482%
        2011100%10585%86%84%66%66%91%

        Once again, 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 professional service in the Chilliwack, Agassiz, Kent or Harrison Hot Springs areas.

        The information reported 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 © 2014 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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