Maple Ridge Market:

May 2024 vs 2023 

Maple Ridge market continues to push upwards

Benchmark prices present strong front for fourth consecutive month

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:

1. How statistics stack up to the previous month's activity.
2. Where we are standing compared to the same time period in 2023.
3. Larger market trends.

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Maple Ridge Benchmark Price Overview:

1. February through April marked the first consecutive months of market increases across Maple Ridge since the 2023 market peak in early summer.
2. In May the condo benchmark price dipped $200 representing the first 'decline' across all three market facets in four months.
3. The detached and condo market are both nearing their peak 2023 benchmark price. The townhouse market has passed it.
4. Compared to May 2023 benchmark prices are up between 3.1-3.3%

•••

Overall Supply & Sales Update:

 
Compared to the same time last year supply has seen a substantial increase:

• Detached: +31.9%
• Condo: +81.1%
• Townhouse: +84.1%

When May supply is compared to April:

• Detached: 5 more listings than in April
• Condo: 8 less listings than in April
• Townhouse: 5 more listings than in April

Compared May 2023 sales are down. Massive supply & pricing increases have slowed sales:

• Detached: -21.6%
• Condo: -32%
• Townhomes: -5.5%

Compared to April sales have slightly decreased:

• Detached: 5 less sale than April
• Condo: 5 less sales than April
• Townhouse: 3 less sale than April

Overall Sales & Supply At A Glance:

1. Compared to 2023 supply has skyrocketed. Aside from the occasional dip month over month supply continues to crawl upwards even though it traditionally declines moving towards summer.
   
2. Compared to both May 2023 and April 2024 sales have decreased. The market in the lower mainland as a whole appears to be shifting power back towards buyers.

Oversupply supply & low sales threaten the benchmark price of Maple Ridge homes.

•••

Detached Market Update:

After five back-to-back months of pricing decreases the detached market has now seen four consecutive months of pricing increase & is less than $10,000 from the 2023 market peak.

1. Between August 2023 and January 2024, the benchmark price decreased $70,200, but since January it has made up for $61,000 of the decrease.
   
2. The May benchmark for detached homes is now $44,200 above May 2023.
3. In the last 30 days the benchmark has increased $5,500.
4. Over the last 60 days the benchmark has increased $28,200.
5. The overall rate of pricing increases is slowing.
6. The benchmark price is now only $9,200 below the 2023 peak.

The question now becomes...will 2024 surpass 2023 in terms of pricing? Or are prices currently reaching their peak short of last August's heights

Detached Home Benchmark Pricing:

1. March: $1,179,500
2. April: $1,219,600
3. May: $1,261,700
4. June: $1,284,200
5. July: $1,307,400
6. August: $1,310,600
7. September: $1,297,200
8. October: $1,280,100
9. November: $1,246,200
10. December: $1,245,000
11. January: $1,240,400
12. February: $1,256,300
13. March: $1,273,200
14. April: $1,295,900
15. February: $1,301,400

•••

Townhouse Market Update:

1. Since the 2023 market peaked last June the townhouse market has fluctuated, never falling more than $35,000 from its top-out.
2. Between June 2023 and February 2024 the townhouse market hasn't trended upwards or decreased for more than two consecutive months. Experiencing a yo-yo effect
3. The benchmark price has now increased for four consecutive months, passing the 2023 market peak in April. We are now $6,500 above June 2023.
4. The March benchmark price is $25,000 above May 2023. In March it was $54,000 above the previous year.

After two large pricing increases in Feb+March the rate of increase decreased. The question now becomes will the benchmark price surpass $900,000?

Townhouse Benchmark Pricing:

1. March: $731,700
2. April: $747,000
3. May: $768,100
4. June: $785,000
5. July: $769,300
6. August: $763,400
7. September: $774,800
8. October: $771,300
9. November: $776,000
10. December: $750,500
11. January: $746,500
12. February: $760,400
13. March: $783,500
14. April: $788,000
15. May: $791,500

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