Summerfield, located in Pacific Douglas, sits south of the area and boasts a unique real estate market compared to its northern counterpart along 168 St and the wider Pacific Douglas region. Currently, there are 15 homes listed in this neighbourhood, with no sales recorded for August.
Interestingly, this trend is common to Summerfield, as I also have a listing in
West Cloverdale, which experienced a similar absence of sales in August. On a brighter note, I successfully sold a property in
Sunnyside during the same month, albeit with a necessary price adjustment. It's worth noting that market dynamics are closely tied to pricing, with hesitant buyers and the high cost of borrowing contributing to the current landscape.
There is optimism that we may be nearing the end of the rate hike, and stability is anticipated in 2024. This could prompt buyers to enter the market as they expect future interest rate decreases. Keep an eye on my video for a deeper insight into the dynamics of the Summerfield property market.