Current: Maple Ridge & Pitt Meadows are in a Seller Market with Average Listing inventories, a 21 %SOLD Rate and Sell Price/List Price = 98%
(Meaning there is an Average of a $15,950 Discount on a Sale from the List price)
Most Active Range: Homes between $700,000 - $800,000 have 34.6 %SOLD Rate
Least Active Range: Homes above $1.25 mill. have 15.0 %SOLD Rate.
History: The Maple Ridge, Pitt Meadows Year-To-Date Home Price Index HPIp (Top 50%) shows that prices increased $5,000.
The Maple Ridge, Pitt Meadows Year-To-Date Home Price Index HPIp (Lower 50%) shows that prices decreased $17,258.
*The HPIp (Home Price Index) is an approximate reflection of the Average Home Price Changes.
Forecast: Maple Ridge & Pitt Meadows has normal Listing supply; 341 homes are for sale and with the 21 %SOLD Monthly Rate gives us a ~5 months of inventory. Another Indicator: 3% of the Active listings have Reduced their Price by $41,089 on Average or $44,000 Median in the last month. We project Maple Ridge - Pitt Meadows Detached to continue into a Seller Market.
February's Real Estate Statistics shows a Normal Spring Market! Single Family Homes in Metro Vancouver experienced an Average Monthly Price increase of $2,749 a real improvement from the $3,176 price decrease the month prior. Finally, we have ended 32 consecutive months of dropping home prices. On the other hand, Single Family Homes in the Fraser Valley Market had a $4,302 monthly price increase, this is our most substantive recovery since the Peak in April 2018 with 94% of Detached Markets increased values. The Coronavirus issue now moves us into uncharted territory. The pent-up buyer demand is still there! Over the next few months, we are forecasting modest seasonal price increases in most Vancouver Detached Home Markets.
Currently, the Condo Market presents Seller Market conditions with 83% of the Greater Vancouver (Lower Mainland) Condo Prices increasing $1,428 on average. At the same time, 68% of the Townhouse Markets increased $831 on average (19 out of 28 Markets). We are forecasting increasing Condo and Townhouse Markets in the coming 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 Neighborhood.