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:
The only area of the Maple Ridge market where the benchmark price remains above its 2021 counterpart is the condo market.
Condo prices are still 3.3% above December 2021.
Detached homes and townhouses as both below December 2021 prices.
Detached homes are now 11.8% below December 2021 and prices are at a 14 month low.
December 2019 was the last time that detached homes benchmark price was lower than the previous year.
Townhomes are now 5.6% below December 2021 prices; and almost identical to October 2021 prcing.
Overall Supply Update:
Compared to the same time last year supply has seen a monumental rise across the board:
Detached: +178.4%
Condo: +77.5%
Townhomes: +278.6%
However, when you compare supply to November 2022 there has been a 30-day drop in available properties.
Over the last 30 days there have been the following changes:
Detached: 116 less listings when compared November
Condo: 22 less listing when compared November
Townhouse: 27 less listings when compared November
Overall Sales Update:
Compared to the same time last year sales decreased across the board:
Detached: -51.2%
Condo: -53.8%
Townhomes: -34.6%
In the last 30 days sales have also decreased:
Detached: 10 less sales than in November
Condo: 22 less sale than in November
Townhouse: 10 more sales than in November
Overall Sales & Supply At A Glance:
Suppply takes a massive jump up and sales are down compared to December 2021.
When compared to November 2022, the market is following more of a traditional yearly trajectory.
Detached Market Update:
December marks the eigth consecutive month of pricing decreases.
The december benchmark for detached homes is now $156,200 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
December: $1,166,600
While the benchmark price is now well below 2021 it only decreased $16,300 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 has dropped below 2021 prices.
The townhouse benchmark price has decreased $17,500 in the last 30-days.
June: $833,400
July: $792,900
August: $750,700
September: $751,100
October: $732,700
November: $730,300
December: $712,800
In the last four months the benchmark price for townhomes in Maple Ridge has decreased $37,900. An average decrease of ~$9,500 a month.
SNAPSHOT:
Market Continues To Decline. However Fairly Status Quo Given The Time Of Year
Buyers Market
