City of Maple Ridge – Housing Market Update
Demand for homes in Maple Ridge is at a record high! The drastic changes to the housing market in the Greater Vancouver area have rippled out east, and the numbers definitely show it.
Here are the latest market stats from REBGV.
The benchmark price of detached homes has remained relatively stable over the last month which was $714,600 in October. The market is speeding up with increased sales and new listings popping up. This offers lots of options for homebuyers looking to get in for showings, and also indicates a healthy and active market.
The majority of property listings for detached homes in Maple Ridge fall within the $400k-$900k range. The market for higher priced houses is slower but with plenty of inventory available. The neighbourhood of Albion has the highest number of sales, while West Central has the highest quantity of listings.
Townhomes in Maple Ridge are selling quickly and steadily increasing in price. The benchmark price in October for a Maple Ridge townhouse was $405,000. On average, homes are selling within 18 days of going on the market. This is not outrageously quick, but a good pace. If you’re looking to buy in the market, you will need to keep on your toes to keep up with this pace!
The majority of property listings for townhouses in Maple Ridge fall within the $400k-$900k range. The majority of sales and new listing activity for townhomes is in the Cottonwood MR and East Central neighbourhoods. The Albion neighbourhood has seen a number of active listings with fewer sales.
Condos and apartments in Maple Ridge have remained relatively steady in price. Condos are selling slower than they were back in September. The benchmark price for a condo in Maple Ridge was $205,500 in October.
The majority of the Maple Ridge condos fall between the $200k to $400k range, and are located in the East Central neighbourhood. Higher priced condos tend to sell within the week they are listed, whereas lower priced condos will sell but sit on the market for longer periods of time. This is a great opportunity for first time buyers to get into the market and browse available inventory without feeling pressured.
The above diagram shows that despite the recent spikes in the housing market over the last year, the Maple Ridge housing market has begun to stabilize and is falling back towards the buyer’s favour. Maple Ridge is a great neighbourhood to move into and the real estate market is healthy.
Thinking of buying or selling? Get in touch – we can help!