January Market Update
The number of sales dropped about 4.4% in January which is normal due to the holiday season. There was an increase of 8.6% in the sale price of single family homes with the average sale price of a single family home considering all sales from West Vancouver to Maple Ridge is now $1,144,348. Townhouses had an average selling price of $552,550 which is an increase of approximately 4.9% over Decembers and Condominiums average price was $441,491 which is increase of 0.4% over Decembers. Buyers had more choice as the over all number of units available increased by 5.8%. 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 January in Maple Ridge in single family homes dropped from 57 to 54, down 3 from December with the average price basically unchanged at $475,259. Townhouse sales down from 22 to 19 with average price of Januarys sale at $318,350 which is a 7.6% increase over December. Condominium sales were down from 12 to 8 with an average price of $205,266 which is a increase of 11.7% over December. Total properties for sale all types available for sale increased from 798 to 818.
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The market for 2011 is forecast to be improved over 2010 but not a lot of variance in price. The market activity has increased substantially at time of writing. 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.