Tuesday, June 4, 2013

Chilliwack* Real Estate Market Conditions and Sales Analysis - May 2013

The Chilliwack* May 2013 real estate market had 151 sales of single family detached houses in the
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 was up nicely from the March total of 130 sales but less than the total of May 2012 when 166 properties were sold. When compared to the 10-year average this May had a 82% strength factor up again from a month ago.
A ten-year average for the month of  May would suggest that the Chilliwack* single family detached housing market should get about 184 sales.  May showed some signs of resurgence with its 82% strength factor; February operated at about 68% of its 10-year average, March dropped to 60%, April was 77% and now May is 82%.  Favourable market conditions no doubt were factors in a return to strength.
 

Making Hay ©Stephen Mullock
 
The median listing price of a Chilliwack* single family house dropped slightly from $369,900 to $365,000.
A competitive advantage for Buyers is present given a healthy inventory of 1035 Chilliwack* single family homes available as of June 4, 2013. Inventory levels increased by 4% in May and this trend will continue in the next few months- giving Buyers plenty of choice.

The lowest sale price in May is $17,500 and the highest $799,000; an incredible range, giving Chilliwack* flexible housing options for every Buyer.

The average selling price of a Chilliwack* single family detached house in May 2013 was $336,000 down from the $338,000 in April 2013.

The median sale price was $339,500 up from the $338,000 of a month earlier.

The list to sale ratio of almost 15 % is better than the 14% in April 2013 pushing the market from what has been a Buyer's Market into Balanced territory.

Please remember to use the services of a REIBC real estate professional or 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.

MONTH Sales/ Average Sale Price/ Days on Market/ Active Listings
May  2013 151 $336,000 62 1035
April 2013 130 $338,000 66 949
May 2012 166 $342,000 69 n/a






Median SALE Price of Chilliwack* Single Family Detached Homes (SFD)
  • May 2013 - $339,500
  • April 2013 - $338,000
  • March 2013 - $364,000
  • February 2013 - $315,000
  • January 2013 - $329,500
  • December 2012 - $349,500
  • November 2012 - $317,000
  • October 2012 - $329,500
  • September 2012 - $326,500
  • August 2012 - $309,500
  • July 2012 - $344,000
  • June 2012 - $343,500
  • May 2012 - $328,500



Median LISTING Price of active Chilliwack* Single Family Detached Real Estate Homes :
  • June 4, 2013 $365,000
  • May 2, 2013 $369,900
  • April 1, 2013 $359,900
  • March 1, 2013 $369,900
  • February 1, 2013 $359,900
  • January 3, 2013 $369,500
  • December 1, 2012 $363,500
  • November 1, 2012 $369,500
  • October 2, 2012 $369,900
  • September 3, 2012 $369,900
  • August 8, 2012 - $369,900
  • July 1, 2012 - $369,900
  • June 1, 2012 - $374,900
  • May 1, 2012 - $368,500


2013 - 2011 Market Strength

Single Family House Monthly Unit Sales as % of a 10-Year Monthly Sales Average

Month Jan Feb Mar Apr May Jun July Aug Sept Oct Nov Dec
2013 97% 68% 60% 75% 82%
2012 81% 67% 77% 77% 83% 70% 88% 54% 70% 88% 91% 80%
2011 85% 91% 75% 70% 68% 93% 74% 86% 86% 70% 86% 92%


Chilliwack* STRATA HOMES for May 2013



The sale of Chilliwack* Strata Homes, apartments, townhouses improved in May with 76 sales compared to 65 a month earlier. Market strength which measures sales against a 10-year average also improved.

The lowest sale was $55,000 and the highest $477,000.


The average selling price of a Chilliwack* Strata Homes in May 2013 was $211,000 up from the March 2013 $199,000 average sale price.

The median sale price was $205,000 similar to the $204,000 amount in April.

The list to sale ratio of 14.4 % was stronger; a Buyer's sale advantage in townhouses and apartments in the Chilliwack* real estate market remains. Sellers should pay attention to their Realtor® recommendations and ask for market comparison updates on a bi-monthly basis.

Please remember to use the services of a REIBC real estate professional or a Realtor© to maximize your chances for a successful sale. Give me a call if you are looking for professional service in the Chilliwack, Agassiz, Kent or Harrison Hot Springs areas.


MONTH Sales/ Average Sale Price/ Days on Market/ Active Listings
May   2013 76 $211,000 84 539
April  2013 61 $199,000 67 514
May   2012 74 $215,000 94 n/a

Median Sale Price of Chilliwack* Strata Homes:


  • May 2013 - $211,000
  • April 2013 - $204,000
  • March 2013 - $229,000
  • February 2013 - $208,000
  • January 2013 - $198,500
  • December 2012 - $200,000
  • November 2012 - $188,500
  • October 2012 - $239,500
  • September 2012 - $199,000
  • August 2012 - $232,500
  • July 2012 - $219,000
  • June 2012 - $224,500
  • May 2012 - $230,000


Median Price of Active Chilliwack* Strata Real Estate Listings:


  • June 4, 2013 - $214,900
  • May 2, 2013 - $210,000
  • April 1, 2013 - $212,500
  • March 1, 2013 - $209,900
  • February 1, 2013 - $217,500
  • January 3, 2012 - $198,000
  • December 1, 2012 - $212,000
  • November 1, 2012 - $209,900
  • October 2, 2012 - $189,900
  • September 3, 2012 - $209,900
  • August 8, 2012 - $209,900
  • July 1, 2012 - $214,900
  • June 1, 2012 - $220,000
  • May 1, 2012 - $220,000
  • April 2, 2012 - $218,900
  • March 2, 2012 - $216,000


2011 - 2013 Strata Market Strength

Strata Home Monthly Unit Sales as % of a 10-Year Monthly Sales Average

Month Jan Feb Mar Apr May Jun July Aug Sept Oct Nov Dec
2013 100% 81% 89% 73% 87%
2012 93% 78% 96% 70% 87% 85% 97% 67% 89% 76% 114% 82%
2011 100% 105% 85% 86% 84% 66% 66% 91%
 
Stephen Mullock RI 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.