CLOVERDALE Real Estate Volatility
The Sky isn’t falling… at least not Cloverdale real estate.
“As markets adjust to the new interest rate landscape, it’s anticipated that prices may be somewhat volatile but will ultimately flatten out through 2023”. – BC Real Estate Association
The overall market shows sales are down, prices down, and there has been an increase in active listings from the previous month. These are generally signs of a market that is weakening…
However… The speed of both the drop in sales and price has slowed down from the previous month and the increase in active listings is starting to flatten out. Obviously, predicting the future without a crystal ball can be challenging but I’m seeing some light at the end of this hard drop!
For example, Cloverdale detached homes saw 52 sales in June up from 39 in May. That leads to a slight decrease in standing inventory. Cloverdale condos & townhomes actually saw an increase in price! Langley has similar stats. Please ask me and I’ll fire them over for your area.
It still feels like we have room to fall but I believe the fall will be less frantic and in some cases, the bottom may be in. Unfortunately, it’s not all sunshine and rainbows for Cloverdale real estate. It looks like the bank of Canada will raise interest rates again on July 13 so if you haven’t got a rate hold in place now is the time!
With the market changing on daily and each neighbourhood/type of home affected so differently it would be wise to make your next purchase or sale carefully. If you’d like an update tailored to your specific situation then please reach out.
Total sales last month were 1155, a 44% decrease year over year and a 7% decrease from the previous month. The median sale price was $1.06 million. A 15% increase from last year and a 2% decrease from the previous month. There were 5136 active listings in June that’s a 25% increase from last year and a 5% increase from the previous month.
