Home sellers have awoken this spring, bringing much-needed inventory into parts of the housing market.
New listings rose 31% year-over-year in February, bringing a significant number of newly listed properties to the market. Residential sales in the region totalled 2,070 in February 2024, a 13.5% increase from the 1,824 sales recorded in February 2023. This was 23.3% below the 10-year seasonal average of 2,699.
Across all detached, townhouses and condo property types, the sales-to-active listings ratio for February 2024 is 22.4%. By property type, the ratio is 16% for detached homes, 27.9% for townhouses, and 25.9% for condos. Historical data suggests downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.
In February, the real estate market in Maple Ridge showcased some interesting trends, echoing broader patterns observed across Greater Vancouver and the Fraser Valley. Let’s delve into the specifics of both the condos/townhouses and detached houses segments.
Condos/Townhouses:
Across Greater Vancouver and the Fraser Valley, there was a notable increase in inventory for condos and townhouses in February, and Maple Ridge was no exception to this trend. However, despite the increased supply, home sales surged in most regions, indicating continued demand for these property types.
In terms of pricing, Maple Ridge witnessed an uptick in average sale prices, aligning with several other regions like Burnaby, Coquitlam, Surrey, and Mission. This suggests sustained interest from buyers in the Maple Ridge condo and townhouse market.
It’s important to note that while most areas are experiencing a seller’s market, Maple Ridge stands out as a notable exception. The local market has transitioned to a balanced state, offering a unique dynamic for both buyers and sellers.
Detached Houses:
Similar to the condo/townhouse market, the detached housing segment in Maple Ridge saw an increase in inventory in February, reflecting the broader trend across the region. However, despite the rise in supply, sales activity picked up in the Greater Vancouver area and the Fraser Valley.
Maple Ridge also experienced an increase in average sale prices for detached houses, along with areas like Coquitlam, Port Moody, and Langley. This indicates ongoing demand for single-family homes in the area.
In terms of market dynamics, Maple Ridge, alongside several other regions, has transitioned into a seller’s market for detached houses. This suggests favorable conditions for sellers, although the market remains balanced in some areas like Surrey and South Surrey/White Rock.
Overall, the real estate market in Maple Ridge continues to display resilience and activity despite broader economic fluctuations. Whether you’re considering buying or selling a property in Maple Ridge, it’s crucial to stay informed about local market trends and seek guidance from a qualified real estate professional. With the market dynamics evolving, expert advice can help you navigate the process with confidence.
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