Chilliwack Real Estate Market: November 2012

December 6, 2012
By
Paul J. Henderson Chilliwack Times






November was solid for Chilliwack real estate as sales surpassed figures for the same month in 2011 and 2010.

There were 166 sales in November worth $47.9 million.

That's up from 129 sales worth $35 million in November 2011 and 123 worth $36.6 million in 2010.

The Chilliwack and District Real Estate Board (CADREB) credits a "flat market" for the slowly improving housing market in the area.

"Flat is not necessarily a term enjoyed by retailers but when referring to the real estate market, it's a good thing," said CADREB president Cynthia Admiraal in a press release. "It means that prices and interest rates remain stable, making property purchases attractive to both home buyers and investors."

Admiraal said the situation paves the way for continued sales growth into 2013.

While November sales were the best for the month in three years, the 166 sales falls short of the 195 in 2009 and 196 in 2007 before the economy collapsed.

Amid that collapse, there was just 74 sales in November 2008.

On his blog, realtor Stephen Mullock compares the monthly numbers to a 10-year average and gives the sales number a "market strength" measure.

November's sales of single family homes (100) hit 91 per cent, making it the best month the Chilliwack single-family detached housing market has seen so far this year.

"Chilliwack real estate has seen a nice uptick in activity since an August slump, 54 per cent, that was precipitated by new federal government mortgage restrictions," Mullock wrote.

Strata sales were even better, with 65 sales giving it a 114 per cent market strength on the 10-year average.

The average sale price of a strata home last month was $188,500. For single family homes it was $317,000.

See also:

Fraser Valley Real Estate Market November 2012

Greater Vancouver Real Estate Market November 2012


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