2021 has been a busy year for the real estate industry in BC so far. While, Inventory has been great in previous mouths. This month has been feeling very low right now, which is frustrating for some of my Buyers who had hoped that a slow end to summer would lead to a busy Fall. I had expected to see a bigger increase in inventory this past month but inventory levels have remained low, which means Buyers are still competing on the good or well priced properties. If you’re looking to sell, now is a good time because there isn’t much competition but there are still a lot of Buyers looking to settle in before Christmas.
Otherwise this market has been a bit of a mix. I’ve seen some properties get some surprisingly high price points, likely from Buyers who have struck out on too many properties previously. Entry level detached houses and 2+ bedroom townhouses are the most active markets. I’ve also seen some properties sit on the market – these are typically going to be the properties that feel a bit overpriced from the start – Buyers are knowledgeable enough to understand value and aren’t keen to compete when a property feels like it’s priced on the higher end. Overall, the lack of inventory isn’t necessarily leading to consistently increasing prices, which is great for Buyer’s still looking to get into their market.
If you’re thinking about selling your property, give me a call to chat about value, pricing strategy and the sale process. There are plenty of details to chat about, so don’t hesitate to contact me if you’d like to get started [email protected] or 604-341-9937.
Onto the stats:
Average sales price for a detached property in Maple Ridge 22.5% from 2020 along with the HPI price is up 32.5% from last year. As for attached properties such as townhouses and apartments. The average sale price for a townhouse is up 29.9% from 2020 along with apartment sales prices in Maple Ridge are 22.8% from the previous year. Overall the inventory levels show that inventory has remained fairly steady. The number of new listings did increase in September compared to August, which was expected, but not as significant as we all hoped. The Sales to Active Ratio still shows a sellers market, with 5.8% for detached houses and up to 64.7% for attached listings in Maple Ridge.
Now is a great time to check in with your mortgage broker about your existing pre-approval. You want to make sure they have all the documents they need (including updated paystubs) to ensure your pre-approval is up to date. Interest rates are great right now so it could be a good time to lock in a new rate for the rest of Fall.
Finally, this is the best time of year to cozy up at a restaurant in the evening and enjoy a night out – keep supporting your local restaurants as they lose their extra patio seating. It’s also a good time to start considering Christmas presents and what you can do to support local!