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Current: Maple Ridge & Pitt Meadows are in a Sellers Market with Average Listing inventories, a 20 %SOLD Rate and Sell Price/List Price = 100% (Meaning there is an Average of a $2,500 Discount on a Sale from the List price)
Most Active Range: Homes between $600,000 - $750,000 have 36.4 %SOLD Rate
Least Active Range: Homes above $1.1 mill. have 11.7 %SOLD Rate.
History: The Maple Ridge, Pitt Meadows Year-To-Date Home Price Index HPIp (Top 50%) shows that prices increased $102,000.
The Maple Ridge, Pitt Meadows Year-To-Date Home Price Index HPIp (Lower 50%) shows that prices increased $69,762.
*The HPIp (Home Price Index) is an approximate reflection of the Average Home Price Changes.
Forecast: Maple Ridge & Pitt Meadows has normal Listing supply; 398 homes are for sale and with the 20 %SOLD Monthly Rate gives us a ~5 months of inventory. Another Indicator: 13% of the Active listings have Reduced their Price by $35,534 on Average or $29,100 Median in the last month. We project Maple Ridge - Pitt Meadows Detached to continue into a Sellers Market.
May's Real Estate Statistics shows 62% of Vancouver's Detached Markets decreased values this last month. Overall, Single Family Homes in Metro Vancouver experienced an Average Monthly Price much stronger decrease of $16,674 which is a marked drop over the $4,857 increase that we saw in the month prior. On the Average Monthly Price decrease of $4,469, which is a Big-Switch from the $13,418 increase that we saw in the month prior. At the same time, the Vancouver Detached Markets showed a price decrease of $16,674. With many new foreign buyer taxes, the much tougher mortgage lending rules, the higher interest rates, trade tariffs, we are forecasting a Buyer's Market across most Detached Markets.
Currently, the Condo Market is turning from Hot to a cooler market, with 53% of the Greater Vancouver (Lower Mainland) still increasing. 61% of the Townhouse Markets are decreasing (17 out of 28 Markets). The "Fear-OF Missing-Out" buyer emotions of yesterday are now being replaced with the "I-Will-Wait" Attitude. We are forecasting a Stabilizing/ Buyers Market in the lower end Condo/Townhouse Markets for the following months. We analyze and provide 97 individual City's Home Price Indexes to supply you the MOST ACCURATE Market Trends every 2 weeks. Please contact us for your own Market Value Update with an in-depth Analysis and Forecast in your Local Market Area and more specifically - Your Neighbourhood.
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