Median Listing Prices
Chilliwack Real Estate Median Prices
| Month/Day | House Inventory | 25th Percentile | Median | 75th Percentile |
|---|---|---|---|---|
| 03/15/2010 | 838 | $279,900 | $369,900 | $489,900 |
| 02/15/2010 | 732 | $289,000 | $369,900 | $489,900 |
| 01/18/2010 | 634 | $279,900 | $369,900 | $499,000 |
More Chilliwack houses are coming onto the market, with an inventory that has increased from 634 to 838 properties, since the beginning of the year. No news here, sellers are aware that many young families prefer to relocate before school begins in September and that these families start to look now.
The prices quoted above are, of course, “asking prices” and it is here that the local knowledge a skill of a real estate agent can assist you in determining where the “asking price” is realistic of just a seller on a “fishing trip”. Hey, that sounds like me – not the fishing trip part – the real estate agent with local knowledge and experience.
What the numbers in the above table tell us is that, today the 15th of March 2010, the asking price of the property right in the middle (the median price) of the 838 single family detached houses available on the multiple listing service of the Chilliwack and District Real Estate Board is $369,900 and that 50% of the properties available on the market have asking prices that fall between $279,900 and $489,900. Or to put it another way, you can buy one of 75% of all the houses on the Chilliwack Real Estate Board market for less than or equal to $489,900.
Fraser Valley (West of Chilliwack) Real Estate Median Prices
| Month/Day | House Inventory | 25th Percentile | Median | 75th Percentile |
|---|---|---|---|---|
| 03/15/2010 | 4514 | $449,500 | $579,000 | $749,500 |
| 02/15/2010 | 4055 | $449,000 | $549,500 | $759,000 |
| 01/18/2010 | 3413 | $439,900 | $565,000 | $745,000 |
How does the median price of real estate offerings in the Abbotsford to Delta area compare to the Chilliwack real estate area? Once again there has been a sizable increase in inventory since January swelling from 3413 to 4514 houses for sale as of this date. The median in the Fraser Valley area however has increased as well by almost $30,000 in the past month.
Conclusion:
There appears to be a significant $209,000 advantage in median prices to living in the Chilliwack area compared to the Fraser Valley west of Chilliwack. I hope that these numbers will give you a little better idea about affordability and respective competitiveness in the Chilliwack real estate area. Prices of single family detached houses remain very affordable to working families in the Chilliwack area but are pricey in other parts of the Fraser Valley.
The analysis above is based on my interpretation of information provided by the Chilliwack and District Real Estate Board and does not take into account private sales. The term "Chilliwack" is used here quite loosely to refer to an area serviced by the Chilliwack and District Real Estate Board which includes communities such as Chilliwack, Agassiz, Harrison Hot Springs, Hope, Yale and Boston Bar. The Fraser Valley West area embraces the entire Fraser Valley Real Estate Board area which extends from Abbotsford to Delta.
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Stephen Mullock is a Chilliwack real estate associate broker with 29 years of experience. He can be reached at Royal LePage Wheeler Cheam Realty, telephone 604-792-0077.
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