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 2021.
- Larger market trends.
Maple Ridge Market Update Overview:
Benchmark prices are up across the board in Maple Ridge between 2.5-16.2% over thier 2021 counterparts.
Despite the current market downturn, the market, as a whole, remains at a higher pricepoint than the same time last year.
Overall Supply Update:
Compared to the same time last year supply has seen a monumental rise across the board:
Detached: +95.1%
Condo: +13.3%
Townhomes: +214.8%
However, when you compare supply to August 2022 there has been a minor 30-day dip in available properties.
When compared to August 2022:
Detached: 7 less listings in September
Condo: 8 less listingsin September
Townhouse: 27 less listings in September
Overall Sales Update:
Compared to the same time last year sales decreased across the board:
Detached: -43.3%
Condo: -42.2%
Townhomes: -8.6%
However, when compared to August 2022 sales remain relatively steady:
Detached: 3 less sales in September
Condo: 1 more sale in September
Townhouse: 4 more sales in September
Overall Sales & Supply At A Glance:
Suppply is up and sales are down compared to 2021. When compared to August 2022, the market remains largely the same.
Detached Market Update:
After a continual rise in prices for 2 years and 7 month, September marks the fifth consecutive month of pricing decreases.
The September benchmark for detached homes is now only $29,500 higher than its 2021 counterpart.
The question is now...how far will it fall? Will prices in the coming months dip below their 2021 benchmark.
Detached Home Benchmark Pricing:
April: $1,469,900
May: $1,438,500
June: $1,379,700
July: $1,343,800
August: $1,279,200
September: $1,229,800
The benchmark price decreased $49,400 in the last 30 days.
Despite the large drop in benchmark price the rate of decline is slowing compared to the July-August drop.
The decrease in the last 30 days was $15,200 less than the $64,6000 drop seein in July-August.
Townhouse Market Update:
Townhouse benchmark prices increased (by a very minor amount) for the first time in six months.
Townhouse benchmark pricing has increased by $400 in the last 30 days.
June: $833,400
July: $792,900
August: $750,700
September: $751,100
In the last four months the benchmark price for townhomes in Maple Ridge has decreased over $108,000.
Nonetheless, the benchmark price for a townhome is still $51,000 higher than the same time last year.
SNAPSHOT:
Market Is Beginning To Steady In To A Status Quo
Ample Supply, Low Sales. Still A Buyers Market
