Friday, June 10, 2016

May 2016 - The Stephen Mullock Report: Chilliwack* Real Estate in Review and Analysis


The Chilliwack* and District Real Estate Board* (CADREB) residential real estate market remained steady and strong in May 2016 with 529 residential sales. This is a blistering pace of sales for a small real estate market.  To put it into context, at the beginning of the month there were only 992 properties available for sale. So, 529 sales on a base of 992 are quite something that has rarely been seen out in this end of the Fraser Valley.  Of course, more property listings were added during the course of the month. Still that is an amazing rate of absorption.

Affordable 1 Bedroom $159,000

What does a real estate market like this mean to a seller or a buyer?

If you are a seller does it mean that you do not need a Realtor©?

Quite the opposite, if you wish to maximize the earning potential of your residential property. Right now, real estate agents are adding more value than ever before to the selling process by maximizing exposure which attracts competing offers from agents throughout the Fraser Valley. This means only one thing a sweet deal for the seller, many times a sale price in excess of listing with terms and conditions also often negotiated in favour of the seller. An environment brought about through the efforts of experienced agents devoted to providing the best possible service to their sellers. 

It is essential to hire a local real estate agent who will put your interests first and so attract the best deal for you. 

Sellers - it is important to have a destination in mind as the remaining inventory has been hammered by demand in 2016 and is only 63% of what it was this time last year. 

Buyers - a market like this means that you should build a tighter relationship with a loyal, hard-working real estate agent. They can be the eyes and ears you need to get a jump on a new listing. Offer them your loyalty and stay in regular telephone or text contact.

Let's get to the numbers.

Monthly statistics give us some insight on the overall strength and condition of the Chilliwack* real estate market. This report looks at the 3 most popular housing choices - single family detached homes, town houses and apartments.


Single Family Detached house sales were pretty stable when compared to the month before (301 vs 306) average prices crept up to $471,000 from $461,000. 


Townhouse sales were up slightly (125 vs 118) compared to the previous month with average prices up to $317,000 from $311,000. 

Apartment sales had been lagging in February improved by 70% in March and in April by another 17%.  Sales were stable between May (56) and April (54) for apartments.  Average sale prices were stable as well, with the average sale price for apartments in May being $175,000.

Residential inventory levels as of June 1, 2016 are down to 947 dwellings.  Compared to this time in 2015 the levels are 63% of what they were with more buyers in circulation. 

June is already another busy real estate month. 


Final word of advice - working and building a relationship with real estate agents experienced in the "local" area is vital in this competitive real estate environment.



SINGLE FAMILY DETACHED HOUSES  - SOLD



MONTHSales Average Sale Price 
Active Listings
May 2016 301$471,000
448
Apr 2016 306$461,000
466
Mar 2016 270$446,000454
May 2015 193$365,000   




TOWNHOUSES - SOLD

MONTHSales Average Sale Price    Active Listings
May 2016 125$317,000
166
Apr 2016 118$311,000
201
Mar 2016 143$292,000
184
May 2015 71$271,000





APARTMENTS - SOLD



MONTHSales Average Sale Price Active Listings
May 2016 56$175,000
148
Apr 2016 54$176,000
157
Mar 2016 46$172,000
174
May 2015 33$134,000

To get today's best value - contact local agent Stephen Mullock Realtor©

Imagine living here....




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.

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 © 2016 Stephen Mullock. All rights reserved. Reproduction in whole or part is prohibited without written permission.


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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