Chilliwack real estate stats in under a minute
Quick...and I mean very quick video showing the numbers for May 2011 of the Chilliwack real estate market. Overall we are in a slower market than 2010, and that has been consistent with the other months of 2011. We are down about 25% in total from 2010 and listings are up by about 5%. Having more listing in a slower market is never great because it hurts the balance of supply and demand but in this case it's only 5%, which could be worse. Ideally I would like to see that number even out and obviously see the sales a little higher.
If I knew what was causing the slower market I would be the richest man in Chilliwack, but lets look at a couple possible causes. Mortgage rules have changed twice in the past year and a half. It's tougher to get qualified for a mortgage, especially for first time buyers. Real estate is like a giant ecosystem, if you hurt the first time buyers, the buyers who are purchasing the less expensive product than those who are selling the median product and luxury product suffer as well. That's probably the biggest factor, but I'm guessing it's not the only one. Weather in the valley has sucked...really sucked. I turned on the fireplace the other day for crying out loud. Nobody enjoys looking at property during a torrential downpour. Mind you, it's a great way to see if the roof leaks.
For buyers...this is a great market. No rush, lots of product and deals to be had. However, with that said, if a house is properly priced and shows well, it will sell fairly quickly. So, if you find the perfect home you may want to make sure you are organized and ready to put in an offer.
Hope this helps a bit. If you have any questions please toss me an email or give me a call. kylehislop@gmail.com 604-795-1616
Kyle Hislop
RE/MAX