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:
For the entirety of 2023 all areas of the market have remained below their counterpart 2022 prices. Condos were the last area to slip below the previous year's benchmark price.
After hitting a 15-month low in January detached homes have increased in pricing for 3 consecutive months. However, their benchmark is still 20.5% below April 2022.
Townhomes are now 19.4% below April 2022 prices, but higher than October 2022 pricing.
After remaining stagnant for four months condo prices have taken a jump upwards brining them back on par with the October 2022 benchmark.
Overall Supply Update:
Compared to the same time last year supply continues to fluctuate widely:
Detached: -12.4%
Condo: +52.8%
Townhomes: -4.6%
However, when you compare supply to March 2023 it has remained relatively stable over the last 30 days:
Detached: 11 more listings when compared March
Condo: 3 less listing when compared March
Townhouse: 3 more listings when compared March
Overall Sales Update:
Compared to the same time last year sales have fluctuated across the board:
Detached: -1.2%
Condo: +10.3%
Townhomes: -21.2%
However, in the last 30 days sales have increased:
Detached: 10 more sales than in March
Condo: 4 more sale than in March
Townhouse: 2 more sales than in March
Overall Sales & Supply At A Glance:
Compared to April 2022 condo's are seeing increased supply & sales, while townhouses and detached homes are seeing both a supply & sales reduction.
When compared to March 2023, sales are up & supply has fluctuated marginally.
Detached Market Update:
After eight consecutive months of pricing decreases January's benchmark price matched Decemeber's. Since then there has been three consecutive month's of pricing increases.
The April benchmark for detached homes is $250,300 below April 2022, but $40,100 above March 2023's benchmark price.
Detached Home Benchmark Pricing:
October: $1,199,900
November: $1,182,800
December: $1,166,600
January: $1,166,000
February: $1,169,000
March: $1,179,500
April: $1,219,600
Since the benchmark price started increasing in February it has risen $53,600.
75% of the entire 90 day pricing increase has come in the last 30 days.
Townhouse Market Update:
After decreasing for four consecutive months the benchmark price begin to increase in February and has continued upwards since then.
The townhouse benchmark price has increased $15,300 in the last 30-days and $48,000 in the last 90-days.
June: $833,400
July: $792,900
August: $750,700
September: $751,100
October: $732,700
November: $730,300
December: $712,800
January: $699,000
February: $723,600
March: $731,700
April: $747,000
SNAPSHOT:
After 3 consecutive months the market is indicating that both townhouses and detached homes are trending upwards.
The market is now balanced, slightly indicating it may move towards favoring sellers.
