Maple Ridge Sales November 2022 vs 2021- Slowing For The Holiday Season

Posted on December 19, 2022 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 2021.
Larger market trends.

Maple Ridge Benchmark Price Overview:

Benchmark prices are up for townhomes and condos 1.6% & 7.5% over thier 2021 counterparts.

Detached homes are now 7.3% below November 2021 prices.
You have to go back to October 2021 for Novembers benchmark price to be comparatively ahead which means detached homes are at their lowest benchmark in 13 months.
December 2019 was the last time that detached homes benchmark price was lower than the previous years

Overall Supply Update:

Compared to the same time last year supply has seen a monumental rise across the board:
Detached: +112.9%
Condo: +72.5%
Townhomes: +151.7%


However, when you compare supply to October 2022 there has been a 30-day shake up in available properties.
When compared to August 2022:
Detached: 53 less listings in November
Condo: 1 more listing in November
Townhouse: 23 less listings in November

Overall Sales Update:

Compared to the same time last year sales decreased across the board:
Detached: -50%
Condo: -67.4%
Townhomes: -38.6%


However, when compared to October 2022 sales have fluctuated more freely:  
Detached: 15 less sales in November
Condo: 3 less sale in November
Townhouse: 13 more sales in November

Overall Sales & Supply At A Glance:

Suppply is up and sales are down compared to 2021. When compared to October 2022, the market is following more of a traditional yearly trajectory.

Detached Market Update:

November marks the seventh consecutive month of pricing decreases.

The November benchmark for detached homes is now $93,500 below its 2021 counterpart.

Detached Home Benchmark Pricing:


April: $1,469,900
May: $1,438,500 
June: $1,379,700
July: $1,343,800
August: $1,279,200
September: $1,229,800
October: $1,199,900
November: $1,182,800

While the benchmark price is now well below 2021 it only decreased $17,000 in the last 30 days.

Townhouse Market Update:

After increasing slightly in September the benchmark price for townhomes is once again on it way down, and close the gap with 2021 prices.
After falling roughly $20,000 between September and October the townhouse benchmark price only decreased by $2400 in the last 30 days.

June: $833,400
July: $792,900
August: $750,700 
September: $751,100
October: $732,700
November: $730,300

In the last four months the benchmark price for townhomes in Maple Ridge has decreased over $62,000.
The benchmark price for a townhome is now only $11,300 higher than the same time last year.
The question is now if it will dip below 2021 pricing the same way detached homes have.