November Home sales report – Chilliwack
The number of homes sold via the MLS® System of the Chilliwack and District Real Estate Board came in slightly above year-ago levels in November 2011, but softened compared to levels in recent months.
Residential sales totalled 129 units in November, rising five per cent from the same month in 2010. Total sales numbered 139 units in November 2011, up four per cent from a year earlier. View homes for sale in Chilliwack
“Home sales came in above last year’s levels in November, but the trend in more recent months has definitely seen demand slow down a little bit,” said Mark Andersen, President of the Chilliwack & District Real Estate Board. “At the same time, the overall number of homes for sale on the market continues to climb, giving homebuyers a lot of choice. With that in mind, sellers should be sure to consult their REALTOR® on how to best price and present their home to attract purchase offers.”
The average price of all homes sold in November 2011 was $271,800, a decrease of nine per cent from the same month last year.
New residential listings numbered 282 units, up 14 per cent from a year earlier. There were 1,743 active residential listings on the Board’s MLS® System at the end of November, up 18 per cent from November 2010.
There were 12.1 months of inventory at the end of November 2011 on a seasonally adjusted basis, up from 10.9 months at the end of October. 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 combined dollar value of home sales in November 2011 totaled $35.1 million, down four per cent from the dollar volume reported in November 2010. The total value of all properties sold in November was $36.1 million, down 12 per cent on a year-over-year basis.
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.
Source: Chilliwack and District Real Estate Board
There are good selections of single family homes for sale in the Chilliwack area. With over 1,700 homes listed for sale in Chilliwack area, this may be the best time to buy your home in Chilliwack, especiallay when interest rates are at ultra low.
Note: The sales pace for Chilliwack real estate and the supply of homes deteriorated resulting in excessive number of homes on the market. The off-take has not kept up with supply. More pricing pressure is evident from the report citing average home price has declined 9% from a year ago.
