Real estate sales in January spiked in Maple Ridge and Pitt Meadows compared to the same month last year. (Photo by THE CANADIAN PRESS)

January home sales surge in Maple Ridge and Pitt Meadows

Number of listings hitting the market are slowing down

Sales spiked and new listings lagged in Maple Ridge and Pitt Meadows, echoing the larger market, according to recent numbers released by the Real Estate Board of Greater Vancouver.

Residential home sales in Maple Ridge and Pitt Meadows totalled 135 in January, up from 92 sales recorded in the same month last year – an increase of 47 per cent.

The surge in activity is attributed to pent up demand, according to local Realtor Ron Antalek.

“Last January consumer confidence was much lower, the inventory was much much higher, prices were showing they were reducing, but by this fall the inventory had dropped a bit,” he explained. “The prices had appeared to stabilize, interest rates were attractive and then the consumer’s confidence was better and the activity to sales started to happen.”

READ MORE: Vancouver’s luxury real estate market ‘rallied’ in second half of 2019: report

There were 1,571 sales in January within the REBGV – an increase of 42 per cent from January 2019, but seven per cent below January’s 10 year average.

However, the number of listings hitting the market had slowed down.

There were 256 detached, attached and apartment properties newly listed for sale in Maple Ridge and Pitt Meadows in January – a nearly eight per cent decrease from January 2019, where 278 properties were listed.

Across the REBGV there were 3,872 properties listed for sale in January – a decrease of 20 per cent from January 2019 and 17 per cent below January’s 10 year average.

But as the spring season approaches Antalek predicts the number of listings will start to rise, particularly in March, April and May.

“But time will tell,” he cautioned.

READ MORE: B.C. assessed home values to dip 2.5% in 2020

Antalek called the current market balanced, with the condominium and townhome market strongest.

The benchmark price in Maple Ridge for a single family detached property was $809,800, $522,500 for a townhouse and $342,400 for an apartment.

In Pitt Meadows, $877,600 for a single family detached, $598,600 for a townhouse and $479,900 for an apartment.

“We often will attract, by affordability, lots of young families, first-time buyers and others that choose Maple Ridge as their community because they can still commute to their work,” Antalek noted.


@JotiGrewal_
joti.grewal@blackpress.ca

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