November Market Update
The number of sales improved and prices declined slightly overall on the Real Estate Board of Greater Vancouver. Increased sales volume was in all types of homes, single family, condos and townhouses. There was a minimal decrease of approximately 1.45% in the sale price of single family homes to $1,043,161. The average home including Maple Ridge to West Vancouver is still over $1,000,000! Townhouses had an average selling price of $539,429 which is an increase of approximately 3.9% over Octobers and Condominiums average price was $416,709 which is decrease of 5.66% over Octobers. Buyers had less choice as the over all number of units available dropped by 12 .01% . This is a fairly typical change as Sellers take their houses off the market for the holiday season. The market is showing healthy improvement overall. We are anticipating a fairly busy market early in the new year.
Local Maple Ridge
The number of sales for November in Maple Ridge in single family homes was up from 66 to 66, only one more than September with the average price of $480,787 which is an decrease of 6.88% over October. ( It is important to remember that a snapshot like this is only based on the age, style, price range that was selling that month). Townhouse sales were up from 23 to 26 with average price of Novembers sale at $306,813 which was 3.35% higher than Septembers. Condominium sales were unchanged at 14 with and average price of $217,892 which is a decrease of 1.93% over Octobers. Total properties for sale all types available for sale dropped from 1003 to 940 a drop of 6.28% which is common for this time of year.
For more detail just call 604-466-4549 or email email@example.com .
The market for 2011 is forecast to be improved over 2010 but not a lot of variance in price. Expect a improved activity in the market starting early in the year.
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. Rates will likely remain stable through the 1st quarter per Bank of Canada.
Fixed rate available for 5 year term available at 3.5% - A 25 year mortgage with 5 year fixed term in the amount of $300,000 is $1498 month. If you do 35 years it is $1236 month.
Our real estate market remains strong and one of the economic drivers of our economy as 3000 people a month move to the lower mainland.
For more detail on specific areas of the market or mortgage rates just call 604-466-4549 or email firstname.lastname@example.org.
For those considering a move in the New Year then call us now to get all your planning done to get your property on the market early in the new year. Only 45 days until 2011!