Outside In

The spin continues - from the Chilliwack Area Real Estate Board:

Average residential prices continue to rise in Chilliwack region

Total MLS® sales activity showed an increase in most categories this March in the area served by the Chilliwack and District Real Estate Board, according to statistics released by the Board.The Board's MLS® system recorded $75,388,928 worth of sales this March. That's a two per cent increase from Februarys' total, and a decrease of 17 per cent from the total in March 2007.

A total of 222 properties traded hands through the Board's MLS® system in March 2008, which is six per cent higher than the total from February and 29 per cent fewer than in March 2007.“

Average residential price continues to be the story this month,” said Board President Trude Kafka. “Properties are selling at prices that are six per cent higher this month than they were last.”

The total value of home sales recorded through the Chilliwack and District Real Estate Board's MLS® system this March was $69,463,410 – which is even with Februarys' total, and 18 per cent lower than March 2007.In all, 206 homes were sold through the Board's MLS® system this March. That's six per cent less than in February, and 29 per cent less than last March.The average price of homes sold through the Board's MLS® system this March was $319,503, which is one per cent more than Februarys' average and 13 per cent higher than the average from March 2007. The Board cautions that the average residential price is a useful figure only for establishing trends and comparisons over a period of time. It does not indicate an actual price for a home due to the wide selection of housing available in the area.

A total of 521 new residential listings were added to the Board's MLS® system this March, an 18 per cent jump from February 2008. As the month came to an end, there were 1,484 active residential listings on the Board's MLS® system.

The Chilliwack and District Real Estate Board is an association of 283 REALTORS® that provides services to and sets standards for members. The Chilliwack and District Real Estate Board serves Chilliwack, Agassiz, Hope, Boston Bar and Harrison.

From www.cadreb.com.

The story is that there are a total of 2043 pieces of real estate for sale in the CADREB area and only 222 of them sold during March for 9.2 total months of inventory. There were 606 new listings during the month for a sell / list ratio of 0.36.