Maple Ridge Market:
August 2024 vs 2023
Maple Ridge market feels the summer slowdown
After 5+ months of increasing benchmark prices, August came to a close with benchmark decreases and a month-over-month sales decline in all three areas of the market.
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 townhouses. Both focusing on:
- How statistics stack up to the previous month's activity.
- Where we are standing compared to the same time period in 2023.
- Larger market trends.
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Maple Ridge Benchmark Price Overview:
- February through April marked the first consecutive months of market increases across Maple Ridge since the 2023 market peak in early summer.
- In May the condo benchmark price dipped $200 representing the first 'decline' across all three market facets in four months.
- While neither detached homes or condos reached their 2023 price peak, townhouses past theirs in April before dipping back below in August.
- Compared to August 2023 benchmark prices range between -3.2% & +2.4%.
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Overall Supply & Sales Update:
Compared to the same time last year supply has seen a substantial increase:
- Detached: +14.2%
- Condo: +51.8%
- Townhouse: +54.4%
When August supply is compared to July:
- Detached: 2 less listings than in July
- Condo: 21 less listings than in July
- Townhouse: 20 less listings than in July
Compared August 2023 sales vary. (supply remains high & buyers are hesitant, but prices are softening)
- Detached: +11.1%
- Condo: +12.5%
- Townhomes: -17.1%
Compared to July 2024 sales have decreased:
- Detached: 22 less sale than July
- Condo: 8 less sales than July
- Townhouse: 15 less sale than July
Overall Sales & Supply At A Glance:
- Compared to 2023 supply has skyrocketed, however, it may have finally peaked as August saw a supply decrease across the board compared to July.
- Compared to August 2023 sales strength varies...but compared to July 2024 sales have decreased across the board fairly drastically. Despite the decrease there is little need for alarm as August is traditionally one of the slowest months of the year for the market.
The summer ends with continued high supply, slow sales, & softening prices as the market attempts to sell old stock before starting fresh.
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Detached Market Update:
After five back-to-back months of pricing decreases the detached market saw six consecutive months of pricing increases...falling just $1,400 short of the 2023 market peak before taking a step back in August.
- Between August 2023 and January 2024, the benchmark price decreased $70,200, but since January it has made up for $64,400 of the decrease.
- The August 2024 benchmark for detached homes is now $1,200 below August 2023.
- In the last 30 days the benchmark decreased for the first time in seven months. It dropped just $4,400.
- The benchmark price has now been over $1,300,000 for 3 months. In 2023 the benchmark was only above 1.3 for two months.
- Since April the benchmark price has fluctuated within a $15,000 window.
- The benchmark price is now only $5,800 below the 2023 peak.
The question now becomes...will prices hold above $1,300,00? Or are prices headed for another stretch of decreases as they did after the 2023 peak.
Detached Home Benchmark Pricing:
- August: $1,310,600
- September: $1,297,200
- October: $1,280,100
- November: $1,246,200
- December: $1,245,000
- January: $1,240,400
- February: $1,256,300
- March: $1,273,200
- April: $1,295,900
- May: $1,301,400
- June: $1,302,200
- July:$1,309,200
- August: $1,304,800
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Townhouse Market Update:
- June 2023 & June 2024 now represent peak market pricing for townhouses in each year.
- Since the 2023 market peaked last June the townhouse market has fluctuated, never trending in one direction for longer than five months.
- The benchmark price increased for five consecutive months before dipping the last two.
- The August benchmark price is $18,600 above August 2023.
- In the last 60 days the townhouse market has dipped $11,600 below the June 2024 peak.
After two large pricing increases in Feb+March the rate of increase slowed & eventually stalled out as summer doldrums took hold.
Now the question is...will fall be a fresh start?
Townhouse Benchmark Pricing:
- June: $785,000
- July: $769,300
- August: $763,400
- September: $774,800
- October: $771,300
- November: $776,000
- December: $750,500
- January: $746,500
- February: $760,400
- March: $783,500
- April: $788,000
- May: $791,500
- June: $792,100
- July: $788,800
- August:$780,500
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