Friday, September 2, 2016

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

The Chilliwack* and District Real Estate Board* (CADREB) residential real estate market followed a seasonal pattern slowdown in August 2016 with a total of 380 residential sales compared to 387 in July. Overall though, the Chilliwack* and District Real Estate Board* (CADREB) residential real estate market remains strong when compared to August 2015; which had 291 sales compared to this month's 380. 

This year a blistering pace of sales has been seen in this small residential market with numerous sale records being set.

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

Single Family Detached SFD house sales were about the same when compared to the month before (207 vs 204). Average sale prices have been hovering between $469,000 and $486,000 in recent months. This month's Chilliwack* average residential sale price was $479,000.  Rebounding from a price drop last month - the only time that average sale prices for single family detached houses in Chilliwack* have dropped in 2016. The average sale price in August 2016 of a single family house is up over $100,000 from 2015 - a 29% jump.

Townhouse sales were down slightly (95 vs 101) compared to the previous month with average prices increasing, similar to the single family house market, to an average of $338,000 from $322,000 a month ago. The average sale price of a Chilliwack* townhouse is up $58,000 when compared to this same time a year ago - a 21% increase.

Apartment sales were also down slightly in August (49 vs 53)  and average prices dropped to $185,000 from $192,000 a month ago.  
The average sale price of a Chilliwack* apartment is  still up $42,000 when compared to this same time a year ago - a 29% increase.

Residential inventory levels as of September 1, 2016 are down to 938 dwellings.  Compared to this time in 2015 the levels are 71% of what they were. 


MONTHSales Average Sale Price 
Active Listings
Aug 2016 207$479,000
Jul 2016 204$469,000
Jun 2016 277$486,000475
Aug 2015 171$370,000   


MONTHSales Average Sale Price    Active Listings
Aug 2016 95$338,000
Jul 2016 101$322,000
Jun 2016 151$330,000
Aug 2015 70$280,000


MONTHSales Average Sale Price Active Listings
Aug 2016 49$185,000
Jul 2016 53$192,000
Jun 2016 67$195,000 
Aug 2015 30$143,000                     

Key point - it is always essential to hire a local real estate agent who will put your interests first. 

Sellers - need to have a destination in mind as the remaining inventory has been hammered by demand in 2016. Inventories are slow to build up even though the pressure of May and June has eased somewhat.

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

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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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