Current: Maple Ridge & Pitt Meadows are in a Stable Market with Average Listing inventories, a 12 %SOLD Rate and Sell Price/List Price = 95%
(Meaning there is an Average of a $39,900 Discount on a Sale from the List price)
Most Active Range: Homes below $700,000 have 29.6 %SOLD Rate
Least Active Range: Homes above $1.3 mill. have 5.6 %SOLD Rate.
History: The Maple Ridge, Pitt Meadows Year-To-Date Home Price Index HPIp (Top 50%) shows that prices decreased $19,603.
The Maple Ridge, Pitt Meadows Year-To-Date Home Price Index HPIp (Lower 50%) shows that prices increased $17,757.
*The HPIp (Home Price Index) is an approximate reflection of the Average Home Price Changes.
Forecast: Maple Ridge & Pitt Meadows has normal Listing supply; 413 homes are for sale and with the 12 %SOLD Monthly Rate gives us a ~8 months of inventory. Another Indicator: 15% of the Active listings have Reduced their Price by $39,160 on Average or $30,000 Median in the last month. We project Maple Ridge - Pitt Meadows Detached to continue into a Stable Market.
December's Real Estate Statistics shows 72% of Vancouver's Detached Markets values experienced an Average Monthly Price decrease of $11,497 which is close to the $11,521 November price drop. On Average, the Fraser Valley Market shows a $7,226 monthly price decrease. Consumer confidence has been damped with the Volatile Stock Markets, tougher mortgage lending rules, and pending interest rate increases. We are forecasting a Buyer's Market across most Detached Markets for the following months.
Currently, the Condo Market presents a Cool Market with 67% of the Greater Vancouver (Lower Mainland) now decreasing. At the same time, 68% of Townhouse Markets are decreasing. (19 out of 28 Markets). Both Markets still indicate a Buyer's "Wait-To-Drop-More" behaviour for the last 2 quarters. We are forecasting a Buyers Market in all Condo/Townhouse Markets for the foreseeable future. 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.