Monday, February 15, 2016

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



This past week, I had the task of selling a single family house in an older but very desirable part of Sardis.  The property was activated on the Chilliwack MLS on Tuesday with the proviso that offers would not be reviewed until the end of the week.  So as real estate agents went to show the property I told them that any and all contracts would be presented Friday morning at 10 a.m. Thursday afternoon comes, it is getting late, and, while I have heard a lot a chatter, there is not an written offer to be found.  Then one, two, three then fifteen. Fifteen offers on one property!  The result of course was a sale price in excess of its' listing price and terms very much to the seller's liking. It pays to have Stephen Mullock represent you.

The Chilliwack and District Real Estate Board* (CADREB) real estate remains strong with 178 residential sales in January 2016. This was a 33% increase over January 2015 which saw 134 residential sales. This is one of the best times to sell real estate property in the Chilliwack* end of the Fraser Valley that I have ever seen. 

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 of the 6 available - single family detached homes, town houses and apartments.

Reflecting a seasonal effect sales in Single Family Detached and Town houses were down when compared to last month's December 2015 numbers, BUT, sales are almost a 1/3 higher than those in January 2015! 

Residential inventory levels are down over 25% to those reported at this same time last year. While inventory is increasing ever so slightly in all housing types, I expect increased pressure on Chilliwack* housing prices.




SINGLE FAMILY DETACHED HOUSES  - SOLD


 
MONTHSales Average Sale Price 
Active Listings
Jan 2016 101$374,000
428
Dec 2015 123$413,000408
Jan 2015 76$356,000   




TOWNHOUSES - SOLD

MONTHSales Average Sale Price    Active Listings
Jan 2016 47$261,000
206
Dec 2015 52$304,000
174
Jan 2015 34$249,000





APARTMENTS - SOLD


MONTHSales Average Sale Price Active Listings
Jan 2016 21$133,000
161
Dec 2015 38$133,000
144
Jan 2015 6$112,000

Price pressure is not uniform in all areas of Chilliwack* and every housing choice. To get today's value for an individual property comparing recent neighbourhood sales is the best approach to value - contact a local Realtor© or a real estate appraiser for that task.

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.