RIDGE MEADOWS

The Ridge-Meadow submarket will take a ‘Red Light’ status for the First Quarter of 2023 as sales have continued to decrease with a drop of 50 percent when compared to the Fourth Quarter of 2022. There were eight total sales in this submarket largely due to a lack of project launches, unit availability, and purchaser interest. Many project launches continued to be delayed and many active projects have been placed on hold until completion. Only one project launched in the submarket over the First Quarter of 2023, a townhome project with 23 units. Project representatives report investor activity has decreased substantially and most of the sales have been coming from local end users. Many active projects are in the framing or interior finishing stages of construction, and remaining inventory can be expected to be released throughout 2023 and into 2024. Overall absorption of remaining inventory equated to five percent this quarter.

Market Highlights

Platinum Group’s second phase of Inspire, a 108-unit Low Rise development achieved zero sales over the quarter, despite achieving nine sales over the Fourth Quarter of 2022, reportedly the project is not marketing remaining units at this time

Sequoia by Harwest Homes, a 30-unit Townhome development, sold the remaining four units over the quarter and is sold out after spending 14 months on the market and achieving a monthly absorption of 2.1 units and an overall price of $656 per square foot

Dema Developments’ second phase of townhomes, Pine Creek Estates 2 launched 23 townhomes early March 2023 and has sold three units at an overall blended price of $549 per square foot La Riviere, by Pacific Vision Development, a 111-unit Low Rise Condominium project that was expected to launch this past summer continues to be delayed and is expected to launch one-, twoand three-bedroom homes in Maple Ridge