Prices Keep Slipping as Buyers Hold the Upper Hand in Surrey & Cloverdale
After a short-lived boost earlier in the summer, August brought another round of slowing sales across Surrey and Cloverdale. Detached and townhome activity, in particular, saw sharp year-over-year declines, while condo sales held up slightly better. Inventory remains elevated, and with prices continuing to soften, conditions remain firmly tilted toward buyers.
Neighbourhoods like Clayton Heights, Fleetwood, and Cloverdale are still drawing interest, but buyers are cautious—often making bold offers on homes that have been sitting on the market. Sellers who want to move their properties are under pressure to sharpen both pricing and presentation to capture attention in a crowded market.
Fraser Valley Snapshot
The Fraser Valley Real Estate Board reported 931 home sales in August—down 22% from July and 13% below August 2024. Inventory held steady at 10,445 active listings, keeping supply nearly 50% above the 10-year average.
With a sales-to-active listings ratio of just 9%, the region remains firmly in buyer’s market territory.
As in all transactions, timing is everything and we expect to see more buyers come off the sidelines heading into fall to take advantage of the lower price floor.”
— Tore Jacobsen, Chair of the Fraser Valley Real Estate Board
Segment Breakdown
DETACHED HOMES
- Active Listings: 3,769
- Sales: 332 (↓ 9.5% vs. August 2024)
- Benchmark Price: $1,436,800 (↓ 5.7% YoY)
- Average Days on Market: 38
Detached homes continue to see softening demand and price adjustments, with buyers holding the advantage. Properties that need updates or are priced too optimistically are sitting longer, giving well-prepared buyers strong negotiating power.
TOWNHOMES
- Active Listings: 1,781
- Sales: 249 (↓ 3.9% YoY)
- Benchmark Price: $807,800 (↓ 4.5% YoY)
- Average Days on Market: 32
Townhome sales eased, and buyers are increasingly selective. Rising inventory means only competitively priced, move-in ready homes are getting quick attention. Sellers who invest in presentation and smart pricing are seeing the best results.
CONDOS
- Active Listings: 2,540
- Sales: 253 (↓ 21.4% YoY)
- Benchmark Price: $514,100 (↓ 5.9% YoY)
- Average Days on Market: 41
Condos remain the most active segment, supported by relative affordability and investor interest. However, softer pricing and higher inventory have made buyers cautious—value and location are key drivers in today’s condo market.
For more detailed data, visit the official Fraser Valley Real Estate Board.
Cloverdale + Surrey Stats
What This Means for You
Buyers
High inventory across Surrey and Cloverdale means you have more choice and more leverage. Prices are down compared to last year in nearly every segment, and sellers of homes that have been sitting are more open to negotiation. Whether you’re looking at detached, townhomes, or condos, the current market gives you time to explore options and make bold offers.
Sellers
This is a buyer’s market—standing out is critical. Benchmark prices have slipped, and active listings remain high, so presentation and pricing strategy will make or break your sale. Professional staging, addressing repairs, and competitive pricing are no longer optional. The homes that are moving are the ones that show well and are priced realistically for today’s market.
Let’s Talk Strategy
Real estate is hyper-local. If you're considering a move in Surrey or Cloverdale—or simply want to understand how this evolving market affects your property—let’s connect. With deep knowledge of the community and today’s trends, I can help you make informed, confident decisions.
📞 James Anderson, PREC
Realtor® | james@kylelambrealestate.com | 604-619-4523