August 2023 Fraser Valley Real Estate Market Update

Surrey, Cloverdale, Langley Real Estate Update: August 2023 Market Insight

As we take a closer look at the recent happenings in the Surrey, Cloverdale, and Langley real estate markets, it's evident that August saw some noteworthy shifts. Let’s dive deep into the statistics, trends, and how the local markets fared amidst the seasonal changes and upcoming rate announcements.

Market Cools Down After a Fiery June
After reaching a scorching 15-month high in June, the real estate market witnessed a slight tempering. August sales figures touched 1,273, reflecting a subtle drop for two months straight. But, let’s put this into perspective: year-on-year, sales have skyrocketed, boasting a commendable 25.2% increase when compared to August of the previous year.

New Listings: A Mixed Bag
For those eyeing properties, August brought 2,622 new listings to choose from. Though this is an 8.2% decrease from July, it's an impressive 28.2% hike from the same period last year.

Active Listings On An Ascent
The steady climb of active listings since December has culminated in a total of 6,291 properties this month in the Surrey, Cloverdale, and Langley regions.

The Market Landscape: Balanced or Blazing?
If you’re scouting for detached homes, the market offers balanced opportunities with a 16% sales-to-active-listings ratio. Meanwhile, for those vying for townhomes and condos in Surrey, Cloverdale and Langley, prepare for some heat! The demand in these segments is sizzling with sales-to-active-listings ratios of 38% and 32%, respectively.

Price Points Hold Firm
Across all property types in Surrey, Cloverdale, and Langley, price tags remained steady. There was a marginal uptick, just under 1%. On the timeline front, single family homes in Langley, on average, took 2 to 4 weeks to be snapped up. And as for townhomes and condos? They were the quickest off the shelves, taking merely 16 to 20 days.

What’s On The Horizon?
August saw many potential buyers hitting the pause button, perhaps hedging their bets on the rate change. Thankfully, the rates held their ground. With property prices staying consistent and the inventory continuing its upward march, we're optimistic about witnessing a surge in new listings as we step into the vibrant fall market.

In summary, whether you're a first-time homebuyer or a seasoned investor, staying abreast of the Surrey, Cloverdale, and Langley real estate dynamics can offer valuable insights. As the market ebbs and flows, having the right information at your fingertips can make all the difference.

If you would like to know what’s happening in your neighborhood, please give us a call or send us a text and we’d be happy to help

PJ @ 604-725-1258 | Razaik @ 604-537-8447