The real estate market stats in Metro Vancouver are returning to the typical numbers of recent years.

Metro real estate sales rebound in second half of year

Maple Ridge, Pitt Meadows sales rise over 70 per cent in last three months

The Metro Vancouver real estate market has bounced back in the second half of 2019, with the Maple Ridge and Pitt Meadows markets following that trend.

According to the most recent statistics from the Real Estate Board of Greater Vancouver, the first half of the year was quiet for sales.

But the second half has been more typical of Metro Vancouver.

Residential home sales in the region totalled 2,498 in November, up 55.3 per cent from the 1,608 sales recorded the same month last year.

Last month’s sales were four per cent above the 10-year November sales average.

In Maple Ridge and Pitt Meadows, there were 109 houses sold on MLS last month, 43 townhouses and 36 apartments.

In November 2018, sales were 63 houses sold, 38 townhouses and 29 apartments.

“We started to see more home buyer confidence in the summer and this trend continues today,” says Ashley Smith, board president.

“It’ll be important to watch home listing levels over the next few months to see if supply can stay in line with home buyer demand.”

Over the three-month period of September, October and November, sales of houses in Maple Ridge and Pitt Meadows were up 71 per cent over the same period last year – 331 units sold compared with 194 in 2018.

Attached units were up to 144 from 110 sales (a 31 per cent increase), and apartments rose to 109 sales from 102 (up 6.9 per cent) in that three-month span.

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The benchmark price of a single-family home is holding steady in Maple Ridge at $803,500 and Pitt Meadows at $872,600.

The overall Lower Mainland benchmark price is $1.2 million.


 

@NeilCorbett18
ncorbett@mapleridgenews.com

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