Chilliwack Real Estate Market Report for July 2009

Chilliwack and District Real Estate Board Statistics for July 2009 as interpreted by HappyhomesBC

Chilliwack had a major heat wave reaching temperatures over 35 degrees !!! But there was another heat wave and that was the Real Estate Market. Hot hot Hot!!!!
We are feeling the heat and we are fired up about it.
The total value of residential sales increased almost 42% compared to last year and the amount of units that sold also increased by the same basic number which means that prices have stabilized and there is a major increase in market activity.
Total inventory in the Chilliwack and District Real Estate board decreased from 2008 by almost 30%.
There are less than 50% of the townhomes on the market today than there were last year....
The number of days on the market for residential homes is in the 70 to 85 day range which is a little bit longer than last month. That tells us that the really good deals that injected the market a few months ago have been snapped up and now people are pricing realistically but have just taken a little longer to react. The second layer of homes are now selling which is good - good - good news for everybody.
60% of all the sales that took place were in the price ranges of $225,000 to $400,000. That is the hottest price point. If you are priced in that area then you should be getting a lot of action on your home.
This is really balanced market right at this point. This is a good time to sell and more importantly - This is a great time to buy right now. Did I mention that this is a great time to buy??? If I forgot to mention before – THIS IS A GREAT TIME TO BUY!!!!
The market is now in the incubation stages and we will be experiencing some market changes that will begin the next wave in a short period of time.
This is what you have been waiting for....Right now is it.

This is HappyhomesBC signing off with your monthly market report for July 2009. Have a good summer.