Maple Ridge Sales July 2023 vs 2022- Detached homes break $1,300,000

Posted on August 14, 2023 Category: Area Statistics

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:

  While benchmark prices have remained below their 2022 counterparts for the entirety of 2023 all areas of the market are now edging towards parity with 2022 pricing.

After hitting a 15-month low in January detached homes have increased in pricing for six consecutive months and their benchmark price is now only 2.8% below July 2022.
Condo pricing has only risen $26,400 in all of 2023 and the benchmark price is still 4.3% below July 2022.
After five months of consecutive pricing increases townhome's took a hit to their benchmark price in July, however, they are now only 2.6% below the July 2022 market.

Overall Supply Update:

Compared to the same time last year supply has decreased across the board:
Detached: -14%
Condo: -14.7%
Townhomes: -38.4%

When July 2023 supply is compared to June 2023:
Detached: 8 more listing than in June
Condo: 3 less listings than in June
Townhouse: 6 less listings than in June

While supply is down year over year it remains level compared to 2023.

Overall Sales Update:

Compared to the same time last year sales greatly increased:
Detached: +30.4%
Condo: +34.8%
Townhomes: +44.4%

Compared to June 2023 sales have also trended downwards:
Detached:12 less than June
Condo: 22 less sales than June
Townhouse: 18 less sales than June

Overall Sales & Supply At A Glance:

Compared to 2022 there are far less listings and a far greater number of sales.

Over the last 30 days, compared to June 1-30 2023, supply has remained even while sales have begun to dip.

Detached Market Update:

After eight consecutive months of pricing decreases January's benchmark price matched Decemeber's. Since then there has been six consecutive month's of pricing increases.

The July 2023 benchmark for detached homes is now only $37,000 below July 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

Since the benchmark price started increasing in February it has risen $138,400. 
In the last 30 days the benchmark has risen $23,200 and broken $1,300,000 for the first time in 12 months.

Townhouse Market Update:

The townhouse benchmark price has fallen $15,700 in the last 30-days after increasing $17,700 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

The last peak for the townhouse market was in March 2022 at $903,000. July's benchmark is still $133,700 below the last peak.
Will the townhouse market top out here? Or will Agust see a return to pricing increases?

maple ridge july 2023 market update