Here is the news release. Here are the numbers.
MLS® home sales activity in the area served by the Chilliwack and District Real Estate Board was up on a year-over-year basis for the third consecutive month in July 2009, posting the largest gain in four years.
According to statistics provided by the Board, MLS® home sales numbered 255 units in July 2009, jumping 42 per cent from the weak moth of July last year. This is the third year-over-year activity increase in as many months, and the largest since August 2005.
Sales were up on a month-over-month basis in the June-July period for the first time in six years. As a result, seasonally adjusted sales rose 14 per cent in July 2009 compared to June (seasonal adjustment removes normal seasonal variations). Seasonally adjusted activity has more than doubled since reaching an eight-year low last December.
“Consumers are becoming more confident,” said Jim Adam, President of the Chilliwack & District Real Estate Board “Recovering demand is drawing down the supply of homes for sale. This is firming up the market, and helping to stabilize prices.”
The combined dollar value of MLS® home sales in July 2009 totalled $77 million. This is also up 42 per cent from levels in July 2008.
Total MLS® sales numbered 274 units in July, an increase of 42 per cent from year-ago levels. The total value of all MLS® properties sold in July 2009 was up 48 per cent to $82.7 million.
The MLS® residential average price for homes sold in July 2009 was $302,133, virtually unchanged (up $210) from year-ago levels. Even so, this is the first increase in average price in more than a year.
The number of new residential listings on the Board’s MLS® system numbered 410 units in July 2009, down 19 per cent from July 2008. This is the seventh consecutive decline in new listings, all of which have been greater than 15 per cent.
Active listings continue to retreat from their elevated levels of 2008, posting a fifth year-over-year decline in as many months. There were 1,449 active residential listings on the Board’s MLS® system at the end of July 2009, falling 29 per cent from year-ago levels. This is the largest decrease in more than nine years.
The number of months of inventory stood at 5.7 months in July 2009, which remains down significantly from the recessionary peak of 24.2 months last December. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
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.
Showing posts with label chilliwack. Show all posts
Showing posts with label chilliwack. Show all posts
Saturday, August 15, 2009
Saturday, January 31, 2009
Chilliwack Realtors in the Poorhouse
What follows my comments here is a puff piece from the Chilliwack and Districk Real Estate Board president Trude Kafka. I gather she is in deep denial about the current real estate market or is trying to put on a brave face. Either way, it isn't helping.
The upper Fraser Valley real estate market is being crushed under the burden of 24 months of inventory with exceptionally low sales volumes coupled with sky high inventory. There are over 280 realtors in the board's area and there were only 67 property sales in the month of December which by my elementary math means that there were over 200 realtors going hungry during the month of December. Perhaps we should start a collection so they are able to make their Lexus payments.
Total MLS® sales activity increased in December 2008, while residential sales activity declined 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 $23,492,025 worth of sales this December. That's a nine per cent increase from the total posted this past November, and a 49 per cent drop from the total in December 2007.
A total of 67 properties traded hands through the Board's MLS® system in December 2008, which is 12 per cent lower than the total from November and 55 per cent less than in December 2007.
"It’s no surprise that sales slow down during the final quarter of the year," said Board President Trude Kafka. "This trend is not unique to our region. However, we did see an increase in total MLS® sales – despite a monthly decline in total MLS® property listings. Property values continue to increase in our region. Hopefully these trends will continue well into 2009."
The total value of home sales recorded through the Chilliwack and District Real Estate Board's MLS® system this December was $18,999,700 – which is nine per cent lower than the total from November 2008, and 52 per cent below the amount posted in December 2007.
In all, 63 homes were sold through the Board's MLS® system this December. That's 15 per cent lower than in November, and 49 per cent less than last December.
The average price of homes sold through the Board's MLS® system this December was $301,583, which is seven per cent above the average from November 2008 and five per cent lower than the average from December 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.
The Chilliwack and District Real Estate Board handled a total of 2,224 MLS® sales in 2008, a sharp decline of 37.2 per cent compared to the total number of MLS® properties sold in 2007. All of the 12 real estate Boards and Association in British Columbia processed a total of 74,484 properties through their local MLS® systems, representing a 33.4 per cent decline from the total properties sold in 2007. The MLS® properties sold through the Chilliwack and District Real Estate Board had a total value of $699.4 million, representing a 35.4 per cent decrease compared to 2007. Provincially, the value of all MLS® properties sold in 2008 had a total value of $33 billion, a 30.9 per cent decline from 2007 levels.
2,036 of the MLS® properties sold locally in 2008 were residential, down 37.7 per cent from the number of residential MLS® properties sold in 2007. Provincially, the number of residential MLS® properties sold declined 33 per cent compared to 2007. Residential properties sold locally in 2008 had a total value of $643.8 million, sinking 34.2 per cent compared to 2007. On the provincial level, total residential MLS® sales in British Columbia in 2008 had a value of $33.1 billion, a 30.6 decrease from record-setting 2007 levels.
There were 5,482 new listings processed through the MLS® system of the Chilliwack and District Real Estate Board in 2008, an 11.4 per cent increase compared to the number of new listings processed in 2007. Provincially, the number of new residential listings in 2008 increased 12.1 per cent compared to 2007 to 176,762 properties.
A total of 181 new residential listings were added to the Board's MLS® system this December, an 18 cent increase from December 2007. As the month came to an end, there were 1,524 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.
The upper Fraser Valley real estate market is being crushed under the burden of 24 months of inventory with exceptionally low sales volumes coupled with sky high inventory. There are over 280 realtors in the board's area and there were only 67 property sales in the month of December which by my elementary math means that there were over 200 realtors going hungry during the month of December. Perhaps we should start a collection so they are able to make their Lexus payments.
Total MLS® sales activity increased in December 2008, while residential sales activity declined 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 $23,492,025 worth of sales this December. That's a nine per cent increase from the total posted this past November, and a 49 per cent drop from the total in December 2007.
A total of 67 properties traded hands through the Board's MLS® system in December 2008, which is 12 per cent lower than the total from November and 55 per cent less than in December 2007.
"It’s no surprise that sales slow down during the final quarter of the year," said Board President Trude Kafka. "This trend is not unique to our region. However, we did see an increase in total MLS® sales – despite a monthly decline in total MLS® property listings. Property values continue to increase in our region. Hopefully these trends will continue well into 2009."
The total value of home sales recorded through the Chilliwack and District Real Estate Board's MLS® system this December was $18,999,700 – which is nine per cent lower than the total from November 2008, and 52 per cent below the amount posted in December 2007.
In all, 63 homes were sold through the Board's MLS® system this December. That's 15 per cent lower than in November, and 49 per cent less than last December.
The average price of homes sold through the Board's MLS® system this December was $301,583, which is seven per cent above the average from November 2008 and five per cent lower than the average from December 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.
The Chilliwack and District Real Estate Board handled a total of 2,224 MLS® sales in 2008, a sharp decline of 37.2 per cent compared to the total number of MLS® properties sold in 2007. All of the 12 real estate Boards and Association in British Columbia processed a total of 74,484 properties through their local MLS® systems, representing a 33.4 per cent decline from the total properties sold in 2007. The MLS® properties sold through the Chilliwack and District Real Estate Board had a total value of $699.4 million, representing a 35.4 per cent decrease compared to 2007. Provincially, the value of all MLS® properties sold in 2008 had a total value of $33 billion, a 30.9 per cent decline from 2007 levels.
2,036 of the MLS® properties sold locally in 2008 were residential, down 37.7 per cent from the number of residential MLS® properties sold in 2007. Provincially, the number of residential MLS® properties sold declined 33 per cent compared to 2007. Residential properties sold locally in 2008 had a total value of $643.8 million, sinking 34.2 per cent compared to 2007. On the provincial level, total residential MLS® sales in British Columbia in 2008 had a value of $33.1 billion, a 30.6 decrease from record-setting 2007 levels.
There were 5,482 new listings processed through the MLS® system of the Chilliwack and District Real Estate Board in 2008, an 11.4 per cent increase compared to the number of new listings processed in 2007. Provincially, the number of new residential listings in 2008 increased 12.1 per cent compared to 2007 to 176,762 properties.
A total of 181 new residential listings were added to the Board's MLS® system this December, an 18 cent increase from December 2007. As the month came to an end, there were 1,524 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.
Monday, December 22, 2008
Average Price -17% in Chilliwack
Chilliwack has 23.9 months of residential housing inventory with 1767 active listings and only 74 recorded sales in November. Here is the news release from the Chilliwack and District Real Estate Board.
Total MLS® sales activity decreased this November 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 $21,518,491 worth of sales this November. That's a 39 per cent decrease from the total posted this past October, and a 67 per cent drop from the total in November 2007. A total of 76 properties traded hands through the Board's MLS® system in November 2008, which is 38 per cent lower than the total from October and 64 per cent less than in November 2007.
The total value of home sales recorded through the Chilliwack and District Real Estate Board's MLS® system this November was $20,834,491 – which is 31 per cent lower than the total from October 2008, and 65 per cent below the amount posted in November 2007.
The average price of homes sold through the Board's MLS® system this November was $281,547, which is six per cent less than the average from October 2008 and eight per cent lower than the average from November 2007. It is also 17% lower than March 2008.
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 318 new residential listings were added to the Board's MLS® system this November, an eight per cent decrease from October 2008. As the month came to an end, there were 1,767 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.
Additionally, there is no shortage of new homes in the area:
http://www.fraservalleyparadise.com/
http://www.fallsresorthomes.com/
http://www.ridgeresort.ca/
http://www.cornerstonehaven.com/
http://www.aspenterrace.ca/
http://www.calibrehomes.ca/
http://www.skyylife.com/
http://www.adera.com/
http://www.sagehomes.ca/
http://www.highpointestates.ca/
http://www.harrisonhighlands.ca/
http://www.buildmasterhomes.com/
http://www.falconheightshomes.ca/
http://www.westbowhomes.com/
http://www.floraliving.com/
http://www.newmarkliving.com/
http://www.eversfieldlane.com/
http://www.argyleliving.com/
http://www.millerestates.ca/
http://www.resortswestbc.com/
http://www.paramountproperties.ca/
http://www.aspenwoods.net/
http://www.garrisoncrossing.ca/
http://www.sprucelandhomes.com/
http://www.thewoodsatgarrison.com/
http://www.foresttrailsatgarrison.com/
http://www.gablesatcoppercreek.com/
http://www.lifeathartford.com/
http://www.lifeatserenity.com/
http://www.jinkersonvistas.ca/
http://www.graystonearbor.com/
http://www.stoneycreekranch.ca/
http://www.clovercreekliving.com/
http://www.fairmontonspadina.com/
http://www.newhome-condos.ca/
www.vedderridgeconstruction.com/cedarsprings
www.vedderridgeconstruction.com/walkercreek
http://www.westwoodliving.ca/
http://www.silvervalleyestates.com/
http://www.retrieverridge.com/
Total MLS® sales activity decreased this November 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 $21,518,491 worth of sales this November. That's a 39 per cent decrease from the total posted this past October, and a 67 per cent drop from the total in November 2007. A total of 76 properties traded hands through the Board's MLS® system in November 2008, which is 38 per cent lower than the total from October and 64 per cent less than in November 2007.
The total value of home sales recorded through the Chilliwack and District Real Estate Board's MLS® system this November was $20,834,491 – which is 31 per cent lower than the total from October 2008, and 65 per cent below the amount posted in November 2007.
The average price of homes sold through the Board's MLS® system this November was $281,547, which is six per cent less than the average from October 2008 and eight per cent lower than the average from November 2007. It is also 17% lower than March 2008.
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 318 new residential listings were added to the Board's MLS® system this November, an eight per cent decrease from October 2008. As the month came to an end, there were 1,767 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.
Additionally, there is no shortage of new homes in the area:
http://www.fraservalleyparadise.com/
http://www.fallsresorthomes.com/
http://www.ridgeresort.ca/
http://www.cornerstonehaven.com/
http://www.aspenterrace.ca/
http://www.calibrehomes.ca/
http://www.skyylife.com/
http://www.adera.com/
http://www.sagehomes.ca/
http://www.highpointestates.ca/
http://www.harrisonhighlands.ca/
http://www.buildmasterhomes.com/
http://www.falconheightshomes.ca/
http://www.westbowhomes.com/
http://www.floraliving.com/
http://www.newmarkliving.com/
http://www.eversfieldlane.com/
http://www.argyleliving.com/
http://www.millerestates.ca/
http://www.resortswestbc.com/
http://www.paramountproperties.ca/
http://www.aspenwoods.net/
http://www.garrisoncrossing.ca/
http://www.sprucelandhomes.com/
http://www.thewoodsatgarrison.com/
http://www.foresttrailsatgarrison.com/
http://www.gablesatcoppercreek.com/
http://www.lifeathartford.com/
http://www.lifeatserenity.com/
http://www.jinkersonvistas.ca/
http://www.graystonearbor.com/
http://www.stoneycreekranch.ca/
http://www.clovercreekliving.com/
http://www.fairmontonspadina.com/
http://www.newhome-condos.ca/
www.vedderridgeconstruction.com/cedarsprings
www.vedderridgeconstruction.com/walkercreek
http://www.westwoodliving.ca/
http://www.silvervalleyestates.com/
http://www.retrieverridge.com/
Sunday, November 23, 2008
26% Price Drop in 6 Months
I received an email from a regular reader that informed me of a new home that has dropped in price 26% from peak pricing only six months ago. I looked into this alleged price drop and it checked out. Here is a link:
http://www.foresttrailsatgarrison.com/
This is a development of 40 or so smaller townhomes in the eastern Fraser Valley - Chilliwack. The asking price for these townhomes in May 2008 was $269,900 and today they are $199,900 with an additional offer of special financing for the first 3 years. It appears the developer is getting eager and wants to quickly unload the rest of this project. I am certain there is a fair bit of margin for the developer to work with here but I suspect the bonuses for those working at the developer won't be gigantic this year.
This is the biggest recorded asking price drop that I have seen so far. It is no surprise that we are seeing the biggest and fastest price drops in the farther reaches of the Fraser Valley. This is exactly what happened in the other North American bubble markets only it is happening here faster! In fact, this is quickly approaching affordable levels, albeit in Chilliwack. But with $10,000 down and a mortgage / strata / tax payment of $1300 / month it is comparable to rent. Very accessible for a first time homebuyer with stable employment, you just better not have to commute further than Abbotsford!
Post your anecdotes of price drops here with the developer's website or MLS Listing number.
http://www.foresttrailsatgarrison.com/
This is a development of 40 or so smaller townhomes in the eastern Fraser Valley - Chilliwack. The asking price for these townhomes in May 2008 was $269,900 and today they are $199,900 with an additional offer of special financing for the first 3 years. It appears the developer is getting eager and wants to quickly unload the rest of this project. I am certain there is a fair bit of margin for the developer to work with here but I suspect the bonuses for those working at the developer won't be gigantic this year.
This is the biggest recorded asking price drop that I have seen so far. It is no surprise that we are seeing the biggest and fastest price drops in the farther reaches of the Fraser Valley. This is exactly what happened in the other North American bubble markets only it is happening here faster! In fact, this is quickly approaching affordable levels, albeit in Chilliwack. But with $10,000 down and a mortgage / strata / tax payment of $1300 / month it is comparable to rent. Very accessible for a first time homebuyer with stable employment, you just better not have to commute further than Abbotsford!
Post your anecdotes of price drops here with the developer's website or MLS Listing number.
Tuesday, July 8, 2008
Upper Valley Real Estate - June 2008
The Chilliwack and Area Real Estate Board released statistics for June 2008 and here is where things stand in the Upper Fraser Valley.
There were 237 residential sales compared to 365 last year for a 35% decrease in sales activity.
There were 1959 active listings as of June 30 compared to 1063 last year at the same time for a whopping 84% increase in inventory.
Months of inventory stands at 8.26 months which is well into the area needed to bring negative price changes.
The press release put out by the board is useless and unprofessional. The CADREB does not compile a benchmark price or track/release median prices so it is difficult to say what the price changes have been so far. Anecdotally we are already at YOY % price declines according to some.
There were 237 residential sales compared to 365 last year for a 35% decrease in sales activity.
There were 1959 active listings as of June 30 compared to 1063 last year at the same time for a whopping 84% increase in inventory.
Months of inventory stands at 8.26 months which is well into the area needed to bring negative price changes.
The press release put out by the board is useless and unprofessional. The CADREB does not compile a benchmark price or track/release median prices so it is difficult to say what the price changes have been so far. Anecdotally we are already at YOY % price declines according to some.
Subscribe to:
Posts (Atom)