February Market Update
The number of sales increased 70.5% in February which is a VERY active start to the year. There was an increase of 2.5% in the sale price of single family homes with the average sale price of a single family home now $1,173,395. This considers all sales from West Vancouver to Maple Ridge. Townhouses had an average selling price of $573,534 which is an increase of approximately 3.8% over January and Condominiums average price was $444,862 which is increase of 0.76% over January. Buyers had more choice as the number of units available increased in February by 12.3% to 11,925. This is a fairly typical as Sellers start putting their houses on the market at the beginning of the year to get sold and moved by summer.
Local Maple Ridge
The number of sales for February in Maple Ridge for single family homes finally moved ahead with at total of 94 which is an increase of 40 homes over Januarys 54. This represents an increase of 74.1% from January to February. This was accompanied by an average price increase of 1.8% to $ 483.820. Townhouse sales increased from 19 to 30 which was a 57.9% increase and with average price of a March townhouse sale at $300,600 which is a 5.6% decrease January ( Average townhouse prices in Maple Ridge continue to hover around the $300,000 mark with lots of product available). Condominium sales were up from 8 to 17 which is 112.5% increase with an average price of $211,005 which is a increase of 2.8% over January. Total properties for sale all types available for sale increased from 818 to 903 for February or an increase of 10.4%, giving buyers more choice.
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The market for 2011 has IMPROVED DRASTICALLY over 2010 and is putting some pressure on prices. The market activity continues to be VERY BUSY at time of writing. A typical spring market is busy from now until the end of June and then is usually quiet for July and August. Lots of listings coming on the market and lots of sales happening. Prime Rate is at 3% with variable rate mortgages available at 2.3% - A $300,000 mortgage at 2.3% for 35 years is $1040 month. Prime rate is stable with minimal increases in 1-5year term fixed mortgages. Five year fixed term is available in the 4% range.
If you are considering a move for 2011 now is the time to get your property on the market !