Exploring the Upward Trend: Cloverdale Condo Market
The condo market in Cloverdale is buzzing with activity, as recent statistics reveal an upward trend in prices and listings. Let’s delve into the numbers and gain insight into the current state of the market.
Price Trends
The market stats paint a picture of prosperity, with both average and median prices on the rise. Additionally, the Home Price Index (HPI) indicates a positive trajectory, reflecting the overall health of the market. Notably, the average price per square foot has seen a notable increase, climbing from $703 in March to $726 in April.
Listing Dynamics
The surge in new listings is indicative of growing interest and confidence among sellers. March saw 20 homes listed for sale, while April saw a significant jump to 34 listings. Moreover, the number of active listings has also risen, from 24 in March to 36 in April, showcasing a diverse range of options for prospective buyers.
Market Activity
Despite the promising signs of growth, there are nuances to consider. The average days on the market have seen a slight uptick, from 11 days in March to 14 days in April. However, the most notable concern arises from the sales figures. While March saw 17 units sold, April witnessed a decline to 13 units. This indicates a potential challenge in efficiently absorbing the units coming to market.
Seller’s Market Dynamics
Despite the decline in sales figures and the sales-to-active ratio dropping from 70.8% in March to 36.1% in April, Cloverdale’s condo market remains in the seller’s territory. The competition among buyers persists, albeit at a slightly moderated pace.
Final Thoughts
Overall, the Cloverdale condo market exhibits strength and resilience, buoyed by increasing prices and robust listing activity. However, the recent decline in sales figures underscores the need for vigilance and adaptability. While the market remains favorable for sellers, buyers may find opportunities amidst the evolving landscape. As we navigate these fluctuations, staying informed and proactive will be key to making informed decisions in the dynamic Cloverdale condo market.
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ABOUT LIZ PENNER YOUR BEST LANGLEY REAL ESTATE AGENT
Liz Penner is a top-selling licensed real estate salesperson with the Fraser
Valley Real Estate Board and has been a top-selling realtor specializing in the residential resale of condos, townhomes, and houses for over a decade. Liz assists residents of the Langley and Surrey areas to sell real estate while looking out for the client’s best interests. Liz also helps first-time homebuyers, families, and repeat purchasers with their property search process, ensuring that her clients get access to the very best homes on the market while receiving excellent service ensuring that they find the perfect place to call home.
Liz holds a BBA in leadership and has completed a variety of specific training through the Fraser Valley Real Estate Board in the areas of selling strata properties, foreclosures, estate sales, and new construction properties. Liz is also well versed in POAs, the Strata Property Act, and more. If you are looking for a knowledgeable and professional real estate agent that is willing to do everything possible to ensure that you get top dollar for the sale of your home or to find the dream home you are looking for in the Surrey and Langley, BC areas then get in contact today.
If you are looking for a knowledgeable and professional real estate agent that is willing to do everything possible to ensure that you get top dollar for the sale of your home or to find the dream home you are looking for in the Surrey and Langley, BC areas then get in contact today.
WHY LIST YOUR HOME FOR SALE WITH LIZ PENNER
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- I’ve helped sell over 400 properties throughout the Langley and Cloverdale area, and I’d love the opportunity to do the same for you.
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- I’ve experienced straightforward sales and sales that have gone off the rails, back on the rails, off the rails, and then back on again. That’s just the way the real estate train rolls, and it never rattles me.
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- I’ve got a solid toolkit to pull from when a problem arises. I take my job seriously each time, and I will make sure you get top dollar for your Fraser Valley, Langley, or Cloverdale home, smooth sailing, or otherwise.
