Current: Chilliwack (+Yarrow, Rosedale and Sardis) is in a Sellers market with average listing inventories, 25 %SOLD rate and the Sale Price/List Price=99%. (This means that there is an average of a $4,900 discount on a sale from the original list price) Lesson
Most Active Range: Homes between $275,000 - $400,000 have 42.9 %SOLD rate.
Least Active Range: Homes above $825,000 have 14.9 %SOLD rate. (=5 sales out of 100 listings/ month)
History:The Chilliwack Year-To-Date Home Price Index HPIp (Top 50%) shows that prices increased $104,855.
The Chilliwack Year-To-Date Home Price Index HPIp (Lower 50%) shows that prices increased $117,290.
*The HPIp (Home Price Index) is an approximate reflection of the Average Home Price Changes.
Forecast:Chilliwack has average Listing supply; 378 homes are for sale and with the 25 %SOLD monthly rate gives us a ~4 months of inventory. 20% of the Active Listings have reduced their price by $25,503 on average or $20,000 on median. We project Chilliwack Detached to be a continued Sellers market.
October's Real Estate Statistics show our Markets have NORMALIZED with just 33% of Vancouver's Detached Markets increasing values this month. Overall, Single Family Homes in Metro Vancouver experienced an Average Monthly Price Decrease of $10,887, which is less than the $12,693 decrease that we saw in the month prior. The Average Fraser Valley Markets are still stronger with a $1,381 monthly increase. Detached Markets values in October experienced an Average Monthly Price decrease of $1,381, which is a reduction of the $2,054 increase that we saw in the month prior. The FV is still a much stronger market than the Vancouver Detached Markets which just had a $10,887 monthly decrease. We are forecasting the beginning of Buyers Market across many Detached Markets, with Chilliwack being one of the last holdouts. We are forecasting the beginning of Buyers Market across most Detached Markets
Currently, the Attached Markets carry the day with 75% still increasing in Greater Vancouver (Lower Mainland) (43 of 58 Markets). We are forecasting a continued Seller's Market in the Attached Markets. We continue to analyze and provide 97 individual City's Home Price Indexes to supply you the MOST ACCURATE Market Trends every 2 weeks. Please contact us for your own Market Value Update with an in-depth Analysis and Forecast in your Local Market Area and more specifically - Your Neighbourhood.