Current: Chilliwack (+Yarrow, Rosedale, and Sardis) is in a Stable market with average listing inventories, 11 %SOLD rate, and the Sale Price/List Price=95%.
(This means that there is an average of $30,900 discount on a sale from the original list price)Lesson
Most Active Range: Homes between $400,000 - 550,000 have 19.7 %SOLD rate.
Least Active Range: Homes between $750,000 - $900,000 have 6.6 %SOLD rate.
History: The Chilliwack Year-To-Date Home Price Index HPIp (Top 50%) shows that prices increased $21,899.
The Chilliwack Year-To-Date Home Price Index HPIp (Lower 50%) shows that prices decreased $47,214.
*The HPIp (Home Price Index) is an approximate reflection of the Average Home Price Changes.
Forecast: Chilliwack has average Listing supply; 652 homes are for sale and with the 11 %SOLD monthly rate gives us a ~9 months of inventory. 19% of the Active Listings have reduced their price by $27,691 on average or $20,000 on median. We project Chilliwack Detached to be a continued Buyer market.
December's Real Estate Statistics shows 72% of Vancouver's Detached Markets values experienced an Average Monthly Price decrease of $11,497 which is close to the $11,521 November price drop. On Average, the Fraser Valley Market shows a $7,226 monthly price decrease. Consumer confidence has been damped with the Volatile Stock Markets, tougher mortgage lending rules, and pending interest rate increases. We are forecasting a Buyer's Market across most Detached Markets for the following months.
Currently, the Condo Market presents a Cool Market with 67% of the Greater Vancouver (Lower Mainland) now decreasing. At the same time, 68% of Townhouse Markets are decreasing. (19 out of 28 Markets). Both Markets still indicate a Buyer's "Wait-To-Drop-More" behaviour for the last 2 quarters. We are forecasting a Buyers Market in all Condo/Townhouse Markets for the foreseeable future. We 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 Neighborhood.