Tuesday, August 4, 2015

Chilliwack* Real Estate Sales Review and Analysis July 2015


The July residential sale market in Chilliwack* took a corrective step cooling from a super HOT June when 361 multiple listing sales (MLS) were reported. July 2015 recorded 296 residential MLS sales in Chilliwack* 


* 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 report divides Chilliwack* residential properties into two classifications; single family detached and strata.  There is usually a significant difference in market strength between the two classifications and for this reason I like to discuss them separately.

NOTE: This post was redone on August 17, 2015 it was shown that the new real estate program introduced last month under reports sale volumes.




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 199 sales of single family houses in July 2015. 

We normally expect Chilliwack* real estate sales in July to be weaker than in June and this was the trend we saw. There were 250 Chilliwack* single family detached sales in a Red HOT June and 199 sales in July. Bear in mind how exceptional last June was - 250 sales compared to a 10- year average of 168. So while it looks like a real tumble I believe it was more like a correction.

Based on a 10-year average sale information, we should see about 154 sales in July - so 199 confirmed sales is still a strong month. 

July sales were 129% of the 10-year average. 

2015 - 2011 Market Strength for Chilliwack* Single Family Houses

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

MonthJanFebMarAprMayJunJulyAugSeptOctNovDec
2015127%61113124119149129




201494%100829510011010411610512798123
201397%68%60%75%82%83%82%87%105%79%83%80%
201281%67%77%77%83%70%88%54%70%88%91%80%
201185%91%75%70%68%93%74%86%86%70%86%92%

Sale prices on average were 97.5% of the listing prices for those properties sold. 

Inventory has dropped due to sales activity by 3.5% with 724 detached homes available for sale on this date of writing. A seasonal market high many times is reached in June and July prices, as shown below, did wane.

MONTHSales/Average Sale Price/Days on Market/Active Listings
July
2015
199$373,00062724
June  2015217$396,00048750
July
2014
171$343,00064n/a





July's median sale price was $355,000 - below the 2015 median average for the first 6 months of $362,000. Last month the median sale price was $374,500 and fluctuations do occur.

Median SALE Price of Chilliwack* Single Family Detached Homes (SFD)
  • July 2015 - $355,000
  • June 2015 - $374,500
  • May 2015 - $365,500
  • April 2015 - $383,000
  • March 2015 - $347,500
  • February 2015 - $374,500 
  • January 2015 - $324,500
  • December 2014 - $342,500
  • November 2014 - $337,500
  • October 2014 - $334,500
  • September 2014 - $338,500
  • August 2014 - $339,500
  • July 2014 - $346,000
  • June 2014 - $337,500
  • May 2014 - $349,000
  • April 2014 - $341,500
  • March 2014 - $347,500
  • February 2014 - $339,000
  • January 2014 - $348,000

       
    Median LISTING Price of active Chilliwack* Single Family Detached Real Estate Homes:
    • Aug 4, 2015 - $414,900
    • July 1, 2015 - $399,900
    • June 1, 2015 - $388,900
    • May 4, 2015 - $389,900
    • April 1, 2015 - $385,000
    • March 4, 2015 - $379,900
    • February 2, 2015 - $369,000
    • January 6, 2015 - $359,900
    • December 3, 2014 - $370,000
    • November 3, 2014 - $369,000
    • October 1, 2014 - $364,000
    • September 2, 2014 - $358,500
    • August 1, 2014 - $359,900
    • July 1, 2014 - $359,900
    • June 2, 2014 - $359,900
    • May 2, 2014 - $364,900
    • April 8, 2014 - $359,900
    • March 3, 2014 - $354,900
    • February 1, 2014 - $349,900

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





    Sales of Strata Homes (apartments, townhouses etc.)


    Consistent with a seasonal pattern the July Chilliwack* strata sales fell from 111 to 97 strata sales.

    Based on a 10-year average for July, we should expect about 73 sales. There were 97 sales of attached houses like apartments, townhouses, duplexes etc. in July or 133% of the 10-year sales average for this same month. 
      
    Sale prices on average were 98% of listing prices of those properties sold. 

    Inventory is pretty stable at 427 and prices for strata homes seem steady at this time.

    MONTHSales/Average Sale Price/Days on Market/Active Listings
    July 2015 59$229,00062427
    Jun 2015 111$227,00070443
    July 2014 67$221,00079n/a


    Median SALE Price of Chilliwack* Strata Homes
    • July 2015 - $223,000
    • June 2015 - $228,500
    • May 2015 - $231,500
    • April 2015 - $230,000
    • March 2015 - $230,000
    • February 2015 - $251,500
    • January 2015 - $231,500
    • December 2014 - $228,000
    • November 2014 - $217,500
    • October 2014 - $216,000
    • September 2014 - $245,000
    • August 2014 - $234,500
    • July 2014 - $234,000
    • June 2014 - $219,500
    • May 2014 - $220,500
    • April 2014 - $220,500
    • March 2014 - $243,000
    • February 2014 - $239,000
    • January 2014 - $216,000


    Median LISTING Price of active Chilliwack* Strata Real Estate Listings:
    • August 4, 2015 - $219,900
    • July 1, 2015 - $214,500
    • June 1, 2015 - $209,900
    • May 4, 2015 - $205,000
    • April 1, 2015 - $220,000
    • March 4, 2015 - $199,900
    • February 2, 2015 - $204,500
    • January 6, 2015 - $195,500
    • December 1, 2014 - $199,900
    • November 3, 2014 - $232,500
    • October 1, 2014 - $210,000
    • September 2, 2014 - $216,900
    • Aug 1, 2014 - $214,900
    • July 1, 2014 - $219,000
    • June 2, 2014 - $219,900
    • May 2, 2014 - $214,900
    • April 8, 2014 - $219,000
    • March 3, 2014 - $219,900


    2015 - 2012 Strata Market Strength

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

    MonthJanFebMarAprMayJunJulyAugSeptOctNovDec
    201583%42120104113130133




    201490%6672106105134869710210492127
    2013100%81%89%73%87%99%84%85%79%10868%90%
    201293%78%96%70%87%85%97%67%89%76%11482%

    The best advice I can give you is this - remember to use the services of 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.

    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 © 2015 Stephen Mullock. All rights reserved. Reproduction in whole or part is prohibited without written permission.


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