Maple Ridge Market:
October 2023 vs 2022
Benchmark price down across the board.
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 2022.
- Larger market trends.
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Maple Ridge Benchmark Price Overview:
After all areas of the market finally surpassed their 2022 benchmark price in August, September brough a shift to the market:
- For two consecutive months (September & October) the benchmark price for detached homes and condos has decreased.
- After a roughly $10,000 uptick in September the townhouse market saw a minor benchmark decrease in October
- Prior to the September softening detached homes benchmark price had increased for seven consecutive months.
- Throughout 2023 the condo market has remained variable. After August's large jump up (over $15,000 in 30-days) the benchmark price has settled just under 2% above its 2022 counterpart.
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Overall Supply & Sales Update:
Compared to the same time last year supply has increased across the board:
- Detached: +9.5%
- Condo: +73%
- Townhouse: +4.1%
When October 2023 supply is compared to September 2023:
- Detached: 28 less listings than in September
- Condo: 20 more listings than in September
- Townhouse: 13 more listings than in September
Compared to the same time last year detached sales struggle while townhouse & condo sales soar:
- Detached: -11.9%
- Condo: +64.7%
- Townhomes: +50%
Compared to September 2023 sales have vary:
- Detached: 9 more sale than September
- Condo: 3 more sales than September
- Townhouse: 11 less sale than September
Overall Sales & Supply At A Glance:
- Compared to 2022 supply is up. Month over month detached supply is seeing a downturn.
- Compared to 2022, aside from detached, sales are up. Month-over-month sales remain fairly even.
The detached market proves to be an outlier as it shows some signs of potentially struggling as fall progresses.
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Detached Market Update:
After eight consecutive months of pricing decreases January 2023's benchmark price matched Decemeber 2022's.
Since then there were seven consecutive month's of pricing increases, before our current two month decrease.
1. Between February 2023 and August 2023, the benchmark price increased $141,600.
2. The October 2023 benchmark for detached homes is now only $77,900 above October 2022.
3. In the last 30 days the benchmark has decreased $17,100.
4. Over the last 60 days the benchmark has decreased $30,500.
5. The benchmark price was only able to stay above 1.3 for two months.
Is this the beginning of a new series of decreases similar to 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
- August: $1,310,600
- September: $1,297,200
- October: $1,280,100
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Townhouse Market Update:
- After seeing an $11,400 benchmark increase in September the townhouse benchmark price has decreased $3,500 in the last 30-days.
- Since a 2023 peak in June the benchmark price has fluctuated minorly. October's benchmark is only $13,700 below June.
- The last peak for the townhouse market was in March 2022 at $903,000. October's benchmark is still $131,700 below the last peak.
- The October benchmark price is $41,700 above October 2022.
Has the townhouse market topped out below $800,000...or will November see a return to the pricing increases seen in the first half of 2023?
Townhouse Benchmark Pricing:
- January: $699,000
- February: $723,600
- March: $731,700
- April: $747,000
- May: $768,100
- June: $785,000
- July: $769,300
- August: $763,400
- September: $774,800
- October: $771,300
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