Saturday, January 31, 2009

Chilliwack Realtors in the Poorhouse

What follows my comments here is a puff piece from the Chilliwack and Districk Real Estate Board president Trude Kafka. I gather she is in deep denial about the current real estate market or is trying to put on a brave face. Either way, it isn't helping.

The upper Fraser Valley real estate market is being crushed under the burden of 24 months of inventory with exceptionally low sales volumes coupled with sky high inventory. There are over 280 realtors in the board's area and there were only 67 property sales in the month of December which by my elementary math means that there were over 200 realtors going hungry during the month of December. Perhaps we should start a collection so they are able to make their Lexus payments.

Total MLS® sales activity increased in December 2008, while residential sales activity declined in the area served by the Chilliwack and District Real Estate Board, according to statistics released by the Board. The Board's MLS® system recorded $23,492,025 worth of sales this December. That's a nine per cent increase from the total posted this past November, and a 49 per cent drop from the total in December 2007.

A total of 67 properties traded hands through the Board's MLS® system in December 2008, which is 12 per cent lower than the total from November and 55 per cent less than in December 2007.

"It’s no surprise that sales slow down during the final quarter of the year," said Board President Trude Kafka. "This trend is not unique to our region. However, we did see an increase in total MLS® sales – despite a monthly decline in total MLS® property listings. Property values continue to increase in our region. Hopefully these trends will continue well into 2009."

The total value of home sales recorded through the Chilliwack and District Real Estate Board's MLS® system this December was $18,999,700 – which is nine per cent lower than the total from November 2008, and 52 per cent below the amount posted in December 2007.
In all, 63 homes were sold through the Board's MLS® system this December. That's 15 per cent lower than in November, and 49 per cent less than last December.

The average price of homes sold through the Board's MLS® system this December was $301,583, which is seven per cent above the average from November 2008 and five per cent lower than the average from December 2007. The Board cautions that the average residential price is a useful figure only for establishing trends and comparisons over a period of time. It does not indicate an actual price for a home due to the wide selection of housing available in the area.

The Chilliwack and District Real Estate Board handled a total of 2,224 MLS® sales in 2008, a sharp decline of 37.2 per cent compared to the total number of MLS® properties sold in 2007. All of the 12 real estate Boards and Association in British Columbia processed a total of 74,484 properties through their local MLS® systems, representing a 33.4 per cent decline from the total properties sold in 2007. The MLS® properties sold through the Chilliwack and District Real Estate Board had a total value of $699.4 million, representing a 35.4 per cent decrease compared to 2007. Provincially, the value of all MLS® properties sold in 2008 had a total value of $33 billion, a 30.9 per cent decline from 2007 levels.

2,036 of the MLS® properties sold locally in 2008 were residential, down 37.7 per cent from the number of residential MLS® properties sold in 2007. Provincially, the number of residential MLS® properties sold declined 33 per cent compared to 2007. Residential properties sold locally in 2008 had a total value of $643.8 million, sinking 34.2 per cent compared to 2007. On the provincial level, total residential MLS® sales in British Columbia in 2008 had a value of $33.1 billion, a 30.6 decrease from record-setting 2007 levels.
There were 5,482 new listings processed through the MLS® system of the Chilliwack and District Real Estate Board in 2008, an 11.4 per cent increase compared to the number of new listings processed in 2007. Provincially, the number of new residential listings in 2008 increased 12.1 per cent compared to 2007 to 176,762 properties.

A total of 181 new residential listings were added to the Board's MLS® system this December, an 18 cent increase from December 2007. As the month came to an end, there were 1,524 active residential listings on the Board's MLS® system.

The Chilliwack and District Real Estate Board is an association of 283 REALTORS® that provides services to and sets standards for members. The Chilliwack and District Real Estate Board serves Chilliwack, Agassiz, Hope, Boston Bar and Harrison.

2 comments:

SurreyJoe said...

"However, we did see an increase in total MLS® sales – despite a monthly decline in total MLS® property listings. Property values continue to increase in our region. Hopefully these trends will continue well into 2009."

What a great quote!

Ice said...

Keep up the good work Mohican. Love your stats update.

Just spoke to a Blenz shift manager in a busy part of downtown vancouver.

They are feeling the slow down. Took a substantial 35% hourly pay cut in order to keep his job.

This is going to get ugly