At Mitten Real Estate Team we are pleased to bring you our third article in the neighborhood market focus series. In this article we will analyze the real estate market in Cloverdale during the June 23 – July, 2014 time period and compare it to the market one year ago. As a quick note only the ‘Traditional’ area of Cloverdale is being analyzed in this article, the newer Clayton area was not included but we will look at that area in one of our subsequent articles.
From June 23- July 23, 2014 there were 6 sales of apartments in the Cloverdale area, which was the same is the previous year, additionally there was a notable increase in the time it took for apartments to sell with the average days on the market increasing to 62.5 days compared to 23.5 days in the previous year. The Median days on the Market also increased from 21.5 days to 33 days. This shows that it is taking longer for most apartments to sell. Additionally, there was a notable 28% reduction in the average sale price of apartments in Cloverdale.
Based on these results it would seem that the market for apartments in Cloverdale is notably weaker than on year ago, with a significant reduction in average sale price and an increase in the time it took for apartments to sell in the area.
During the June 23 – July 23, 2014 time period there were 7 sales of townhomes in Cloverdale, compared to 15 one year ago. The average sale price saw an increase of 6.51% while days on the market increased slightly.
These results are somewhat mixed the lower number of sales, usually points to weakening, however the higher sale prices points to a strengthening of the market. If we look at the economic theory of supply and demand, we seem to get a satisfactory explanation in that although prices rose slightly less people bought at the higher prices meaning the market for townhouses in Cloverdale is fairly steady or slightly strengthening with some price increases at the expense of lower sales and longer sale times.
Single Family Detached Homes
During this time period there were 33 sales of single family detached homes in Cloverdale compared to 43 the previous year. The Average sale price decreased by 1.49% compared to a year ago with the average time on the market increasing by 9.5 days.
For these results we can conclude that the market for single family detached homes has weakened slightly since one year ago, however looking at the data, the weakening is fairly mild.
In Cloverdale, during this time period there were a total of 341 properties for sale in Cloverdale, and 98 Properties were New Listings. The largest segment of listings was single family detached homes with 211 listings, 66 of which were new listings. The second largest was Town homes with 79 Properties for sale and 16 new listings. There were 51 apartments for sale in Cloverdale with 16 of those being new listings. These numbers represent a decent amount of ‘inventory’ in the Cloverdale market.
In Conclusion it would seem that the Market for apartments in Cloverdale has weakened somewhat since last year with prices seeing a 28% drop on average, in addition to apartments taking longer to sell. The market for Townhomes has seen some price increases but some loss of market activity. Finally the Market for Single Family detached homes has slightly weakened since last year, but the weakening is fairly mild.
As Always if you have any questions about this article or any other real estate related question please contact us we would be happy to talk with you. We can be reached through this website or at 604-882-8384.
Mitten Real Estate Team