Monday, February 2, 2015

Chilliwack* Real Estate Sales Review and Analysis January 2015



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 94 sales of single family houses and 39 sales of strata homes such as town houses, and apartments in January 2015. 
 A total of 133 for all housing types.

This report divides Chilliwack* residential properties into two classifications; single family detached and strata.  There is often a significant difference in market strength between the two classifications and for this reason I like to view them separately.

What's the upshot?  The month was a bit of a mixed bag, strong for the sale of single family homes and soft for the sale of strata homes. 


$309,900 as of writing- click for details


Low mortgage rates and the Bank of Canada's recent lowering of the overnight lending rate are positive forces behind the strength in the market.  The American economy is improving and this will be good for Canadian exports.  The Canadian dollar has dropped when compared to the US dollar and so a lot of cross- border shopping will cease. Gasoline prices have dropped and this means more disposable income for consumers.  Still there remains, enough bad news, uncertainty with respect to the oil industry and continued global economy weakness.

Inventory levels are currently at an ebb due to demand and seasonal factors. 

Some of the best buys can be discovered in the Agassiz and Harrison Hot Spring communities a 20 minute drive from Chilliwack.



Single Family Detached Homes


Prices, especially median SALE prices, for "single family houses" during the past twelve months have varied from a low of $334,500 to a high of $349,000.  The January "median" Sale price was lower than this at - $324,500.  

The "average" SALE price returned to a more expected amount $329,000 after the December average was yanked up by a number of properties that sold above the million dollar mark.  I predicted then that the average sale price of a single family detached house would drop in a month's time to a more expected value and it has.



Harrison Lake Beachfront - click for details



Strata Homes


Price determination for "strata" homes are often more difficult as smaller overall numbers can be easily impacted by sales of newer higher or lower priced developments.  So when the average sale price of a strata hit $196,000 in November I cautioned - do not be alarmed.  I expected this to recover very shortly.  Which it did, the average sale price in December was $214,000 and this January $222,000. 


A more detailed analysis follows.




 


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 94 sales of single family houses in January 2015. 

Not surprisingly the number of single family detached homes sales (94) in January was less than those in December (99). This is to be expected and follows a cyclical pattern. Still January can be categorized as being a super month based on the ten year expectations for the month as explained below.

Based on a 10-year average sale information January we should expect about 75 sales - so the 94 sales achieved were well above the "norm".  In fact, this was the best January for single family detached houses since 2007. 

Strong sales growth for Chilliwack* single family houses has been a trend since May 2014.

A list to sale ratio of 14.8% is similar to last month's strong showing of 14.75%. Prices should maintain or increase with such pressure.

The January median Sale price was $324,500 and lower than the range we have observed throughout 2014 which varied from a low of $334,500 to a high of $349,000. This is viewed as an anomaly given the current list to sale ratio and is expected to rise next month.  

MONTHSales/Average Sale Price/Days on Market/Active Listings
Jan
2015
94$329,00089662
Dec 201499$409,00064607
Jan
2014
71$347,50073n/a





Median SALE Price of Chilliwack* Single Family Detached Homes (SFD)
  • 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:
    • 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


      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%










      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%

      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 39 sales of strata homes (apartments, townhouses) January 2015.

      The 39, Chilliwack* real estate board strata sales in January were a bit of a let down.  Based on a 10-year average for January, we should expect about 47 sales.  There were 57 sales last month.
        
      A list to sale ratio of 9.5% was a drop from the 14.5% of a month ago.


      MONTHSales/Average Sale Price/Days on Market/Active Listings
      Jan  2015 39$222,00086393
      Dec 2014 57$214,00071436
      Jan  2014 42$216,00088n/a


      Median SALE Price of Chilliwack* Strata Homes
      • 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:
      • 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%










      201490%6672106105134869710210492127
      2013100%81%89%73%87%99%84%85%79%10868%90%
      201293%78%96%70%87%85%97%67%89%76%11482%

      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 © 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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