Looking for an accurate picture of where the real estate market is headed?
Today we dive in and take a deeper look at the Maple Ridge market as a whole:
- A full overview & an in depth look at detached homes and townhomes. Both focusing on:
- How statistics stack up to the previous month's activity.
- Where we are standing compared to the same time period in 2022.
- Larger market trends.
Maple Ridge Benchmark Price Overview:
After all areas of the market surpassed their 2022 benchmark price in August the beginning of fall brought about a shift as both detached homes and condos saw a downturn in September.
After hitting a 15-month low in January 2023 detached homes increased in price for seven consecutive months before seeing a small decline to their benchmark price in September.
The condo market has remained variable in all of the lower mainland throughout 2023. After taking a large leap forward in August condo's experiences a small September downturn; the benchmark price is now 1.9% above September 2022.
After five months of consecutive pricing increases townhome's took a hit to their benchmark price in July with a $15,700 reduction compared to June 2023. After two months of declining price townhouses were the only area of the market to see an increase in September. The 30-day increase was $11,400, however, the benchmark is still below June 2023. September 2023 benchmark price is now 3.6% above the September 2022 benchmark.
Overall Supply Update:
Compared to the same time last year supply varies:
Detached: +1.3%
Condo: +34.4%
Townhomes: -11.6%
When September 2023 supply is compared to August 2023:
Detached: 21 more listing than in August
Condo: 20 more listings than in August
Townhouse: 8 more listings than in August
Supply in Maple Ridge remains relatively high.
Overall Sales Update:
Compared to the same time last year sales remain low:
Detached: -9.1%
Condo: -3.8%
Townhomes: 0.0%
Compared to August 2023 sales are variable but trending down:
Detached 5 less than August
Condo: 1 more sales than August
Townhouse: 9 less sales than August
Overall Sales & Supply At A Glance:
There is an abundance of supply while sales remain low.
Detached Market Update:
After eight consecutive months of pricing decreases January 2023's benchmark price matched Decemeber 2022's. Since then there were seven consecutive month's of pricing increases, before a decrease in September.
The September 2023 benchmark for detached homes is now 657,000 above September 2022.
Detached Home Benchmark Pricing:
January: $1,166,000
February: $1,169,000
March: $1,179,500
April: $1,219,600
May: $1,261,700
June: $1,284,200
July: $1,307,400
August: $1,310,600
September: $1,297,200
Between February and August 2023 the benchmark price increased $141,600.
In the last 30 days the benchmark has decreased $13,400. It was only able to stay above 1.3 for two months.
Townhouse Market Update:
The townhouse benchmark price has increased $11,400 in the last 30-days after decreasing $5,900 in the previous 30 day cycle.
January: $699,000
February: $723,600
March: $731,700
April: $747,000
May: $768,100
June: $785,000
July: $769,300
August: $763,400
September: $774,800
The last peak for the townhouse market was in March 2022 at $903,000. September's benchmark is still $128,200 below the last peak.
Has the townhouse market top out below $800,000? Or will October see another pricing increase?
SNAPSHOT:
September sees prices cool for condos and detached homes while townhouses experience a slight increase after two hard months.
All areas of the market have surpassed 2022 prices.
Supply remains high while sales are down.
Let our knowledge and expertise ease your mind, so you don't have to stess over the details. We are here to make your life easier.
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