Maple Ridge Market:
March 2024 vs 2023
Both February & March prove to be power months for the Maple Ridge market
Benchmark prices up across the board for second month in a row.
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:
- February & March mark the first two consecutive months of market increases across Maple Ridge since the 2023 market peak in early summer.
- Both the townhouse & condo markets had been experiencing a yo-yo benchmark price for the second half of 2023 until the Febuary shift.
- All three areas of the market are now nearing their peak 2023 benchmark price.
- Compared to March 2023 benchmark prices are up between 7-8%
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Overall Supply & Sales Update:
Compared to the same time last year supply has seen a substantial increase:
- Detached: +28.2%
- Condo: +72.8%
- Townhouse: +35.8%
When March supply is compared to February:
- Detached: 19 less listings than in February
- Condo: 20 more listings than in February
- Townhouse: 3 more listings than in February
Compared March 2023 sales are up. The market is strong:
- Detached: +35.1%
- Condo: +10.7%
- Townhomes: +33.3%
Compared to February sales have mostly increased:
- Detached: 29 more sale than February
- Condo: same amount of sales as February
- Townhouse: 9 more sale than February
Overall Sales & Supply At A Glance:
- Compared to 2023 supply is way up. Month over month detached supply has dipped, but overall the market remains active.
- Compared to both March 2023 and February 2024 sales have increased. The market is strong and on the rise.
Ample supply & strong sales are leading the Maple Ridge market forward.
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Detached Market Update:
After seven consecutive months of pricing increases the detached market peaked in August of last year. From there it experienced five back-to-back months of decreases. But the last two months have seen things begin to turn around.
- Between August 2023 and January 2024, the benchmark price decreased $70,200.
- The March benchmark for detached homes is now only $83,100 above March 2023.
- In the last 30 days the benchmark has increased $16,900.
- Over the last 60 days the benchmark has increased $32,800.
- The benchmark price is now only $37,400 below the 2023 peak.
The question now becomes...were the last two months isolated? Or is this the start of another long series of pricing increases?
Detached Home Benchmark Pricing:
- 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
- November: $1,246,200
- December: $1,245,000
- January: $1,240,400
- February: $1,256,300
- March: $1,273,200
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Townhouse Market Update:
- Since the 2023 market peaked last June the townhouse market has fluctuated, never falling more than $35,000 from its top-out.
- Over the last 9 months the townhouse market hasn't trended upwards or decreased for more than two consecutive months. Experiencing a yo-yo effect
- Over the last 60 days the benchmark price has increased $37,000. We are now just $1,500 below the 2023 peak.
- The March benchmark price is $54,200 above March 2023.
The last two months have seen a big shift in the townhouse market. The question now becomes...will a third month of pricing increases break the yo-yo trend.
Townhouse Benchmark Pricing:
- March: $731,700
- April: $747,000
- May: $768,100
- 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
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