Monday, June 1, 2015

Chilliwack* Real Estate Sales Review and Analysis May 2015


The Chilliwack* residential real estate market for the "month of May 2015" was the best "May" we have seen since 2007!  That makes it the third 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.


In general discussions with Realtors, all have seen price increases but these are not shared universally by each housing type or area. Appropriate pricing remains essential to secure a sale.

Move in day! Thanks Steve!

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 217 sales of single family houses in May 2015. 

We normally expect Chilliwack* real estate sales in May to be stronger than April and they were by almost 19%. There were 190 Chilliwack* single family detached sales in April and 217 sales in May.

Based on a 10-year average sale information, we should expect about 182 sales in May - so the 217 confirmed sales were well above the "norm" to 119% of the 10 year average.  Strong market conditions with the exception of February 2015 and November 2014 have prevailed for a year now.

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%61113124119






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%


Sale prices on average were 98% of the listing prices of those properties sold. 

Inventory remains unchanged with 815 detached homes available for sale on this date of writing.

MONTHSales/Average Sale Price/Days on Market/Active Listings
May
2015
217$375,00062815
Apr 2015190$388,00063815
May
2014
185$358,00053n/a





May's median sale price was $365,500 - still well above the range we observed throughout 2014, which varied from a low of $334,500 to a high of $349,000. The previous month median sale price was $383,000.

Median SALE Price of Chilliwack* Single Family Detached Homes (SFD)
  • May 2015 - $365,500
  • 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:
    • June 1, 2015 - $388,900
    • 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 103 sales of strata homes (apartments, townhouses) May 2015. Up from the April total of 87 strata sales but this is expected given seasonal factors.

    Based on a 10-year averages for May, we should expect about 91 sales. There were 103 sales of attached houses like apartments, townhouses, duplexes etc. in May or 113% of the 10-year sales average for this same month. 
      
    Sale prices on average were 98% of listing prices of those properties sold. Inventory is pretty stable at 447.

    MONTHSales/Average Sale Price/Days on Market/Active Listings
    May 2015 103$227,00077447
    Apr 2015 87$224,00099450
    May 2014 93$209,00078n/a


    Median SALE Price of Chilliwack* Strata Homes
    • May 2015 - $231,500
    • 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:
    • June 1, 2015 - $209,900
    • 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%42120104113






    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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    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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