Chilliwack ( Kevin Schroeder, Select Real Estate )- The Chilliwack and district real estate stats for the month of January 2019 have been released.
Absorption rates are highlighted for the month. A balanced buyers / sellers market is about an 8-10% absorption rate (percentage of listings that sell in a month). In the month of January the overall absorption rate across all property types (excluding commercial) was 10%. This is the first time that Chilliwack has experienced a balanced market since January 2014 (9.0%).
When you break down January by property types, town homes remain to be in a sellers market with an absorption rate of 16% and apartments have dropped to 9%.
Single family detached homes also hit a balance market with a 9% absorption. However, different price ranges in single family are seeing some different results.
$549,999 and less – 12% absorption$550,000 to $699,999 – 11% absorption$700,000 to $849,999 – 5% absorption$850,000 to $999,999 – 3% absorption
In January, 393 new listings hit the market across all property types. It is extremely normal for the number of new listings to jump in January as not many sellers want to list in December. However, only twice since January 2005 have more properties been listed during the month (417 in Jan. 2010 / 471 in Jan. 2008). Since January 2005 the average number of properties to be listed during the month is 358. Should history repeat its self the number of new listings will increase each month until May at which time we will see a decease each month until December.