Market Conditions Begin to Improve - Chilliwack Real Estate

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Real Estate Agent

 In case you're wondering...And Who Isn't?  According to the British Columbia Real Estate Association...

Market Conditions Beginning to Improve The Multiple Listing Service® (MLS®) residential sales in the province declined 36 per cent to 5,511 units in September compared to the same month last year. On a seasonally adjusted basis, MLS® residential unit sales in the province increased 2 per cent in September from August 2010. The average MLS® residential price climbed 4 per cent to $493,846 in September compared to the same month last year.

"BC home sales increased for the second consecutive month in September," said Cameron Muir, BCREA Chief Economist. "However, consumer demand is still noticeably lower than last fall's frenetic pace."

"Market conditions have improved, with the months of supply declining from 11.1 in June to 8.9 in September," added Muir. A balanced market typically exhibits five to seven months of supply.

"The current downward pressure on mortgage rates is expected to bolster housing demand this fall as consumers take advantage of a second opportunity to secure near record low interest rates," noted Muir.

Year-to-date, BC residential sales dollar volume increased 2 per cent to $29.6 billion, compared to the same period last year. Residential unit sales declined 7 per cent to 59,228 year-to-date, while the average MLS® residential price climbed 9 per cent to $500,539 over the same period.

September 2010 BC Residential Multiple Listing Service® Data by Board Board

Dollar Volume (000s)

Units

September 2010

Residential Sales ($)

September 2009

Residential Sales ($)

% change

September 2010

Residential Sales (Units)

September 2009

Residential Sales (Units)

% change

BC Northern

67,647

82,417

-17.9

338

394

-14.2

Chilliwack

39,622

57,223

-30.8

137

190

-27.9

Fraser Valley

430,312

649,890

-33.8

967

1,488

-35.0

Greater Vancouver

1,531,324

2,217,611

-30.9

2,254

3,632

-37.9

Kamloops

59,908

72,233

-17.1

189

241

-21.6

Kootenay

48,394

69,169

-30.0

188

262

-28.2

Northern Lights

6,532

7,849

-16.8

36

34

5.9

Okanagan Mainline

161,597

237,593

-32.0

402

614

-34.5

Powell River

5,020

7,819

-35.8

26

32

-18.8

South Okanagan

30,033

49,357

-39.2

103

154

-33.1

Vancouver Island

157,209

249,703

-37.0

492

807

-39.0

Victoria

183,989

365,608

-49.7

379

728

-47.9

Provincial Totals*

2,721,587

4,066,471

-33.1

5,511

8,576

-35.7

                                            

If you or someone you know is thinking buying or selling a home   - or if you would like more information on Chilliwack Real Estate  please give Chilliwack Realtor Liz  Moras of Landmark Realty Chilliwack a call at- 604-799-0459 or e-mail at lizmoras@gmail.com.  Selling property in Cultus Lake, Chilliwack, Hope, Abbotsford, Langley or anywhere in the Fraser Valley Area of B.C.

Copyright © 2010 By Liz Moras, All Rights Reserved. Please do not use without permission.   Information provided by this author is only an opinion, it is not guaranteed, may be based on information collected from several sources, and may be time sensitive.  It is not necessarily representative of the opinions of Landmark Realty Chwk. Ltd.   

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Tags:
chilliwack real estate states for september 2010

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Rainmaker
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Tom Priester
Paradise Sharks - Jupiter, FL
Paradise Sharks

Liz, thank you for sharing your local market data. Always interesting to see how other areas are weathering the storm. Cheers!

Oct 14, 2010 08:36 PM #1
Rainmaker
1,534,160
Brian Madigan
RE/MAX West Realty Inc., Brokerage (Toronto) - Toronto, ON
LL.B., Broker

Liz,

 

It is interesting to see the performance of your local market. All the publicity seems to go to Vancouver.

 

Brian

Oct 15, 2010 12:47 AM #2
Rainmaker
1,036,603
Kathy Clulow
RE/MAX All-Stars Realty Inc. Brokerage - Uxbridge, ON
Trusted For Experience - Respected For Results

Liz - I wonder how many are still waiting for your market to 'bottom out' not realizing it may well have happened a while back.

Oct 15, 2010 01:16 AM #3
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Rainmaker
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Liz Moras Migic

Chilliwack, British Columbia - Realtor
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