The January stats are out and they tell the story we have all been hearing. The market is HOT! Single detached homes have and continue to be a hot item, but as single homes continue to be bid higher, townhouses have come into play and we are now seeing multiple offers on these. A recent example was one that had 18 offers and went for $85,000 over the list price and subject free. I would predict that in the near future, we will see the lagging condo market pick up as townhouses are bid out of reach.
The biggest tale of the tape is the sales to active ratio. This compares the number of sales sales in the last month to the total inventory. A seller’s market starts when the ratio is at 0.2 or 20 out of 100 homes are selling. For detached homes in Maple Ridge, the ratio currently stands at 0.49, well into a seller’s market. For townhouses, it is 1.14 meaning that more homes are selling than coming on the market. Condo’s are currently also at 0.49, but we are not seeing the multiple offers….yet.
If you would like to know what your home, townhouse or apartment could possibly sell for in this hot market, please text, email or call me! 🙂