Tuesday, May 5, 2009

Chillwack Real Estate Market Report for April 2009

This is HappyHomesBC with a Real Estate Market Report for Market Activity in the Chilliwack and District Real Estate Market in the month of April. We have just received the data from the Chilliwack and District Real Estate board and we have taken the time to assimilate the information and give you a comprehensive report that will help you properly understand the Real Estate Market Activity in the Chilliwack area.
The amount of sales has increased incrementally from the month of March. The amount of the listings left is exactly the same for residential properties so as I said last month – the gap is closing. Interest rates have come down dramatically where qualified buyers can have the opportunity to get a 5 year locked in rate of 3.69% when they buy a home today. We expect market activity to increase as a result. Prices have stabilized and we are noticing that homes that are priced effectively are getting the attention. Pricing your home effectively is absolutely crucial at this moment of time. Buyers are out there and they are armed with a lot of information and they know when a home is priced well and when they find it they are pulling the trigger. Last year we had 1757 listings left in the month of April 2008 and this year we were left with 1475 listings a 16% drop. More activity and less listings to choose from is good for the market. The sales of townhomes almost doubled from the previous month once again re-enforcing the fact that there is a bottom push from the lower end with entry level buyers entering the marketplace. This is exciting because we will be experiencing the pressure of that push soon into the higher price points.
The average days to sell increased this month which tells us something. That maybe the cause for that would be that people who had their homes on the market over 75 days adjusted their prices and subsequently received offers. That is good news because people are now adjusting mentally to todays market conditions. We are reaching a point where business is active and buyers and seller s are coming to a meeting of the minds so to speak making it a great time to buy and sell a home. Prices are down over 15% from 18 months ago and interest rates are down over a full percentage point for fixed 5 year rates!! The Affordability factor is back in the game. Another testament to that fact is that the amount of sales over $400,000 dropped in half but sales between $350,000 to $400,000 increased by 58%!!
Give us a call anytime to learn more insights into the Chilliwack and District Real Estate Market. Check out our website for more information at www.happyhomesbc.ca to see video tours and our most recent market report. This is HappyhomesBC signing off with your Real Estate Market Report for sales activity for April 2009. All the best to you and yours.

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