Monday, May 4, 2015

Chilliwack* Real Estate Sales Review and Analysis April 2015


The Chilliwack* residential real estate market for the "month of April 2015" was the best "April" we have seen since 2006!  That makes it the second month in a row where market expectations have been exceeded. Low interest rates, positive expectations and a good selection of homes all contributed to this result.

Steve Mullock handled the sale of our home in Agassiz, BC.  Steve is extremely knowledgeable and current on the Real Estate market.  He is dedicated to and professional in his work.  Steve walked us through the process with great patience and friendly disposition.
We would highly recommend Steve to anyone looking to purchase or sell their property.
Jan and Ken H

First what does Chilliwack* mean and how is this real estate analysis for Chilliwack* arranged.

* 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.

This report divides Chilliwack* residential properties into two classifications; single family detached and strata.  There is usually a significant difference in market strength between the two classifications and for this reason I like to discuss 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 190 sales of single family houses in April 2015. 

Based on a 10-year average sale information, we should expect about 153 sales in April - so the 190 confirmed sales were well above the "norm" to 124% of the 10 year average.

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%61113124







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%

Strong sales growth for Chilliwack* single family houses has been a trend since May 2014 this February constituting an exception. 

Sale prices on average were 97% of the listing prices of those properties sold. 

Inventory has increased only slightly, with the addition of 34 homes since then. 

MONTHSales/Average Sale Price/Days on Market/Active Listings
Apr
2015
190$388,00063815
Mar 2015161$366,00058781
Apr
2014
154$342,00060n/a




April's median sale price was $383,000 - well above in a range we observed throughout 2014 which varied from a low of $334,500 to a high of $349,000. 

Median SALE Price of Chilliwack* Single Family Detached Homes (SFD)
  • April 2015 - $383,000
  • March 2015 - $347,500
  • February 2015 - $374,500 
  • 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:
    • May 4, 2015 - $389,900
    • April 1, 2015 - $385,000
    • March 4, 2015 - $379,900
    • 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

    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 87 sales of strata homes (apartments, townhouses) April 2015. Down slightly from the month before of 94 sales in March but still very good.

    Based on a 10 year averages for April, we should expect about 83 sales.  There were 84 sales so pretty much on target.
      
    Sale prices on average were 98% of listing prices of those properties sold. Inventory has increased gradually from 440 to 450.

    MONTHSales/Average Sale Price/Days on Market/Active Listings
    Apr 2015 87$224,00099450
    Mar 2015 94$234,00058440
    Apr 2014 86$218,00067n/a


    Median SALE Price of Chilliwack* Strata Homes
    • April 2015 - $230,000
    • March 2015 - $230,000
    • February 2015 - $251,500
    • 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:
    • May 4, 2015 - $205,000
    • April 1, 2015 - $220,000
    • March 4, 2015 - $199,900
    • 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%42120104







    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 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 © 2015 Stephen Mullock. All rights reserved. Reproduction in whole or part is prohibited without written permission.
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    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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