Current: Chilliwack (+Yarrow, Rosedale, and Sardis) is in a Buyer market with average listing inventories, 10 %SOLD rate, and the Sale Price/List Price=95%.
(This means that there is an average of $25,900 discount on a sale from the original list price)Lesson
Most Active Range: Homes between $400,000 - 550,000 have 17.8 %SOLD rate.
Least Active Range: Homes above $900,000 have 3.6 %SOLD rate.
History: The Chilliwack Year-To-Date Home Price Index HPIp (Top 50%) shows that prices increased $26,116.
The Chilliwack Year-To-Date Home Price Index HPIp (Lower 50%) shows that prices decreased $60,551.
*The HPIp (Home Price Index) is an approximate reflection of the Average Home Price Changes.
Forecast: Chilliwack has average Listing supply; 372 homes are for sale and with the 10 %SOLD monthly rate gives us a ~10 months of inventory. 26% of the Active Listings have reduced their price by $28,132 on average or $20,900 on median. We project Chilliwack Detached to be a continued Buyer market.
January's Real Estate Statistics shows 69% of Vancouver's Detached Markets values experienced an Average Monthly Price decrease of $13,255 which more than last December's price drop of $11,497. On Average, the Fraser Valley Market shows a $3,389 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 77% of the Greater Vancouver (Lower Mainland) now decreasing. At the same time, 71% of Townhouse Markets are decreasing. (20 out of 28 Markets). Both Markets still indicate a Buyer's "Wait-To-Drop-More" behavior for the last 3 quarters. We are forecasting a Buyer’s 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.