Tuesday, August 9, 2016

June 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 June 2016 with 544 residential sales. More active than May, which had 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 947 properties available for sale. So, 544 sales on a base of 947 are quite something that has rarely been seen out in this end of the Fraser Valley.  Of course, 604 more property listings were added during the course of the month. Still that remains an amazing rate of absorption.

What does a HOT real estate market like this mean to a Seller?
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. 

Happy Sellers - thanks to Steve 3 offers were received - all in excess of list price!
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, offer to meet them in person 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 down slightly when compared to the month before (277 vs 301) average prices crept up to $486,000 from $471,000. 

Townhouse sales were up slightly (151 vs 125) compared to the previous month with average prices up to $330,000 from $317,000. 

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. I have been predicting an uptake in apartments and June saw the beginning of this with 67 sales.  Average apartment sale prices jumping up to $195,000 from May's $175,000.

Residential inventory levels as of July 1, 2016 are down to 936 dwellings.  Compared to this time in 2015 the levels are 2/3s of what they were with more buyers in circulation. 

July 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.


MONTHSales Average Sale Price 
Active Listings
Jun 2016 277$486,000
May 2016 301$471,000
Apr 2016 270$461,000454
Jun 2015 218$373,000   


MONTHSales Average Sale Price    Active Listings
Jun 2016 151$330,000
May 2016 125$317,000
Apr 2016 118$311,000
Jun 2015 300$262,000


MONTHSales Average Sale Price Active Listings
Jun 2016 67$195,000
May 2016 56$175,000
Apr 2016 54$176,000
Jun 2015 35$150,000

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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