Tuesday, September 3, 2013

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

The Chilliwack* August 2013 real estate market had 184 residential real estate sales that include single family houses, bare land sales, multifamily properties in this case a duplex, a recreation property up Harrison Lake and strata homes such as apartments and townhouses. The real estate analysis of the Chilliwack* market below will focus on the two largest areas: single family houses and strata homes.
 
Stephen Mullock and the Lady Peak (Dog Face)

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 125 sales of single family houses in August 2013.

The question I always ask about sale figures is, "is this good news, bad or indifferent"?  I find it all depends on how you look at the numbers.

While 125 sales is less than the July 2013 total of 137 - we expect fewer sales in August than July.

125 sales is a whooping big improvement over last August, 2012, when only 80 sales of single family detached houses were reported, but then, that was truly a horrible year.
 
I believe that you have to look at the ten-year average for the month of August to get a proper measure of the market.  Looking at the August data for the ten year period gives us an expectation that  the Chilliwack* single family detached housing market in August should get about 144 sales.  We saw 125 sales about 87% of that expected 144.  This is a pretty reasonable performance and in general a strengthening of the market for single family detached housing.

 February operated at about 68% of its 10-year average, March dropped to 60%, April was 77% , May 82%, June is 83% , July at 82% and now August at 87%. A steady improvement and a welcomed sign.



The median listing price of a Chilliwack* single family house which dropped from $359,900 in June 2013 to $349,900 in July is back up to $358,000 in August. Reversing a downward trend in median asking prices at least momentarily. 
Inventory levels have dropped in the last month from 1028 to 960 Chilliwack* single family houses being available as of this date.
 
The lowest sale price in August is $25,500 and the highest $1,270,000; an incredible range, giving Chilliwack* flexible housing options for every Buyer.

The average selling price of a Chilliwack* single family detached house in August 2013 was $333,500 down from $376,000 in July 2013.

The median sale price of $309,500 was down sharply from $349,500 a month earlier.  I find this very interesting because the same type of drop happened last August as well.  I don't claim to have all the answers but a couple of items come to mind. Mortgage rates have been edging upwards and first time buyers and with large mortgages have been active in the lower price end of the housing market getting established before rates could impact them.  I also wonder if buyers looking for higher priced properties are perhaps vacant during this the best summer month of the year.  Regardless, I expect the median sale price to increase in the coming months.

A list to sale ratio of almost 12.5 % is down from 13.5% a month earlier leaving the market in Buyer's 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
Aug 2013 125 $333,500 65 960
July 2013 137 $376,500 74 1028
Aug 2012 80 $328,000 94 n/a






Median SALE Price of Chilliwack* Single Family Detached Homes (SFD)
  • August 2013 - $309,500
  • July 2013 - $347,500
  • June 2013 - $349,500
  • 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 :
  • September 3, 2014 - $358,000
  • August 1, 2013 - $349,900
  • July 2, 2013 $359,900
  • 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% 83% 82% 87%
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 August 2013


Fall colours are starting to appear


The sale of Chilliwack* Strata Homes, apartments, townhouses dropped off slightly in August, as expected, with 57 sales compared to 67 a month earlier.  Compared to the 10-year average sales are repectable.

The lowest sale was $52,500 and the highest $475,000.


The average selling price of a Chilliwack* Strata Homes in August 2013 was $212,000 down from the July 2013 $228,000 average sale price.

August's median sale price was $209,900 down from $231,500 in July.

The list to sale ratio of 10 % was down from July's 12%; 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 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
Aug  2013 57 $212,000 94 550
July 2013 67 $228,000 89 553
July 2012 74 $219,000 81 n/a

Median Sale Price of Chilliwack* Strata Homes:


  • August 2013 - $209,900
  • July 2013 - $231,500
  • June 2013 - $211,000
  • 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:


  • September 3, 2014 - $194,500
  • August 1, 2013 - $212,000
  • July 2, 2013 - $213,900
  • 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% 99% 84% 85%
2012 93% 78% 96% 70% 87% 85% 97% 67% 89% 76% 114% 82%
2011 100% 105% 85% 86% 84% 66% 66% 91%



The analysis is based on my sole interpretation of multiple listing information gleaned from the Chilliwack and District Real Estate Board, the Fraser Valley Real Estate Board and the Greater Vancouver Real Estate Board and does not take into account private sales. It is up to you to decide on the validity of these results and if necessary seek further information.
 
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.