We are back with the weekly stats update! Here’s what happened in the 1st week of July!
The summer slowdown has officially begun – especially in terms of the number of sales in Surrey, Cloverdale & Langley.
You’ll see that townhomes and condos in Cloverdale & Langley have 0 reported sales whereas in Surrey there were 0 reported sales for townhomes and just 1 reported condo sale. Single family home sales are also significantly low in all 3 areas.
In comparison to the 1st week of June, new listings were down by 60 homes. It will be interesting to see if this trend continues for the rest of July. The number of active listings (inventory) in the market is high right now due to low sales – this is giving buyers the opportunity to choose from a larger selection of listings.
Overall, price points are down as the buying power of buyers has been dramatically reduced due to the increase in interest rates. Sellers are having to adjust their expectations accordingly.
Remember, if you sell low in this market, you also buy low in this market – it’s always relative.
If you’re planning to make a move, please give us a call!
PJ @ 604-725-1258 | Razaik @ 604-537-8447
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