{"id":990,"date":"2023-09-20T07:00:00","date_gmt":"2023-09-20T14:00:00","guid":{"rendered":"https:\/\/rodrhearyan.com\/blog\/pricing-decrease-mary-hill-citadel-realtor-rod-rhea-ryan-hayes-neighbourhood-expert-poco-port-coquitlam-market-update-sales-purchase-sale-listings-demand-royal-lepage-rental-income-investment\/"},"modified":"2026-04-08T09:23:26","modified_gmt":"2026-04-08T16:23:26","slug":"pricing-decrease-mary-hill-citadel-realtor-rod-rhea-ryan-hayes-neighbourhood-expert-poco-port-coquitlam-market-update-sales-purchase-sale-listings-demand-royal-lepage-rental-income-investment","status":"publish","type":"post","link":"https:\/\/www.rodrhearyan.com\/blog\/pricing-decrease-mary-hill-citadel-realtor-rod-rhea-ryan-hayes-neighbourhood-expert-poco-port-coquitlam-market-update-sales-purchase-sale-listings-demand-royal-lepage-rental-income-investment\/","title":{"rendered":"Port Coquitlam Market August 2023 vs 2022 &#8211; A Late Summer Stall"},"content":{"rendered":"<p><strong>Looking for an accurate picture of where the real estate market is headed?<\/strong><\/p>\n<p>&nbsp; Today we dive in and take a deeper look at the Coquitlam market as a whole:<\/p>\n<ul>\n<li>A full overview &amp; an in depth look at detached homes and townhouses. Both focusing on:<\/li>\n<\/ul>\n<ol start=\"1\">\n<ol start=\"1\">\n<li>How statistics stack up to the previous month&#8217;s activity.<\/li>\n<li>Where we are standing compared to the same time period in 2022.<\/li>\n<li>Larger market trends.<\/li>\n<\/ol>\n<\/ol>\n<p>&nbsp;<\/p>\n<p align=\"center\"><strong>Port Coquitlam Benchmark Price Overview:<\/strong><\/p>\n<p>August marked the second month in over half a year that all three areas of the market had a higher benchmark price than the previous year; however, both condos and townhouses experienced a benchmark price decline when compared to July 2023. Detached homes are the only area of the market that continued with their upward trajectory. &nbsp; &nbsp;<\/p>\n<p align=\"center\"><strong><span style=\"text-decoration: underline;\">In August the market was showing signs of mid to late summer fatigue as buyers reduce and tighten their wallets.<br \/><\/span><\/strong><\/p>\n<p align=\"center\">Detached homes continue to increase the gap between 2022 prices as they show month-over-month growth while summer 2022 brought a declining market landscape. They are now now 8.4% above August 2022 prices representing a $111,200 improvement in a single year. <span style=\"text-decoration: underline;\"><br \/> <\/span>Townhouses are 5.5% above August 2022 prices, and condos are a slim 2.5% up over the last year.<\/p>\n<p align=\"center\">&nbsp;<\/p>\n<p align=\"center\"><strong>Overall Supply Update:<\/strong><\/p>\n<p align=\"center\">&nbsp;<br \/> Compared to the same time last year supply has decreased across the board:<br \/> Detached: -9.5%<br \/> Condo: -43.9% <br \/> Townhomes: -21.2%<\/p>\n<p> When August 2023 supply is compared to July 2023:<br \/> Detached: 7 less listings than in July<br \/> Condo: 8 less listings than in July<br \/> Townhouse: 1 less listings than in July<\/p>\n<p align=\"center\">Supply has declined both year-over-year &amp; month-over-month as the summer market grinds to a hault.<\/p>\n<p align=\"center\">&nbsp;<\/p>\n<p align=\"center\"><strong>Overall Sales Update:<\/strong><\/p>\n<p align=\"center\"> Compared to the same time last year sales are varied widely:<br \/> Detached: 0.0%<br \/> Condo: +12% <br \/> Townhomes: -45.8%<\/p>\n<p align=\"center\">&nbsp;<\/p>\n<p align=\"center\">Compared to July 2023 sales, sales showed a small amount of deviation:<br \/> Detached:1 more sale than July<br \/> Condo: 4 less sales than July<br \/> Townhouse: same number of sales as July<\/p>\n<p align=\"center\">&nbsp;<\/p>\n<p align=\"center\"><strong>Detached Market Update:<\/strong><\/p>\n<p align=\"center\"><strong>August marks the eighthconsecutive time that prices for detached homes have increased month-over-month. <\/strong><\/p>\n<p align=\"center\"><span style=\"text-decoration: underline;\">2023 has seen nothing but upward momentum for detached homes.<\/span><\/p>\n<p align=\"center\">In the last 30 days the benchmark price has increased $14,000.<strong><br \/><\/strong>Although August had over double the monthly growth that July saw it does mark the second time in over four months that the benchmark price has increased less than $25,000 in a 30 day period; incremental increases in the detached market occured from December 2022 to February 2023.&nbsp;<\/p>\n<p align=\"center\">This shift may be hinting that detached homes may be nearing their new &#8216;peak price.&#8217;<\/p>\n<p align=\"center\"><strong><span style=\"text-decoration: underline;\">Detached Home Benchmark Pricing:<\/span><\/strong><\/p>\n<p align=\"center\"><span style=\"text-decoration: underline;\"><br \/> <\/span>December: $1,277,000<span style=\"text-decoration: underline;\"><span style=\"text-decoration: underline;\"> <br \/><\/span><\/span>January: $1,279,200<span style=\"text-decoration: underline;\"><span style=\"text-decoration: underline;\"><span style=\"text-decoration: underline;\"><span style=\"text-decoration: underline;\"> <br \/><\/span><\/span><\/span><\/span><strong>February: $1,282,000 <span style=\"text-decoration: underline;\"><span style=\"text-decoration: underline;\"><br \/><\/span><\/span><\/strong>March: $1,310,300<span style=\"text-decoration: underline;\"><span style=\"text-decoration: underline;\"><span style=\"text-decoration: underline;\"><span style=\"text-decoration: underline;\"> <br \/><\/span><\/span><\/span><\/span>April: $1,339,000&nbsp; <strong><span style=\"text-decoration: underline;\"><span style=\"text-decoration: underline;\"><span style=\"text-decoration: underline;\"><span style=\"text-decoration: underline;\"><br \/><\/span><\/span><\/span><\/span><\/strong>May: $1,392,100&nbsp; <strong><strong><strong><span style=\"text-decoration: underline;\"><span style=\"text-decoration: underline;\"><span style=\"text-decoration: underline;\"><span style=\"text-decoration: underline;\"><br \/><\/span><\/span><\/span><\/span><\/strong><\/strong><\/strong>June: $1,418,300 <span style=\"text-decoration: underline;\"><span style=\"text-decoration: underline;\"><span style=\"text-decoration: underline;\"><span style=\"text-decoration: underline;\"><br \/><\/span><\/span><\/span><\/span>July: $1,424,600<strong> <span style=\"text-decoration: underline;\"><span style=\"text-decoration: underline;\"><span style=\"text-decoration: underline;\"><span style=\"text-decoration: underline;\"><br \/><\/span><\/span><\/span><\/span><\/strong>August: $1,438,600<strong><strong><br \/><\/strong><br \/> <\/strong><br \/> <strong><span style=\"text-decoration: underline;\"><br \/> <\/span><\/strong><\/p>\n<p align=\"center\"><strong>Townhouse Market Update:<\/strong><\/p>\n<p align=\"center\"> In the last 30 days the benchmark price has decreased $21,600. This is the first time in nine months that the benchmark price has decreased. Over supply should not be a factor in the prcing decrease as it is down year-over-year and month-over-month. Even with low supply sales have plummeted compared to 2022 indicating that buyers simply are not there at the current price point.<\/p>\n<p align=\"center\">It now seems as though townhouses may not reach their previous benchmark market peak of over $1,000,000.<\/p>\n<p align=\"center\"><strong><span style=\"text-decoration: underline;\">Townhouse Benchmark Pricing:<\/span><\/strong><\/p>\n<p align=\"center\">&nbsp;<br \/> December: $870,000<br \/> January: $879,100 <br \/> February: $884,700<br \/> March: $898,400 <br \/> April: $901,600<br \/> May : $928,900&nbsp; <br \/>&nbsp;June : $962,100 <br \/>&nbsp;July: $975,300 &nbsp; <br \/>&nbsp;August: $953,700<\/p>\n<p align=\"center\"><img decoding=\"async\" title=\"Poco Market Update August 2023\" src=\"https:\/\/rodrhearyan.com\/blog\/wp-content\/uploads\/2026\/04\/poco_august_2023.jpg\" alt=\"Poco Market Update August 2023\" \/><\/p>\n<p align=\"center\">&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Looking for an accurate picture of where the real estate market is headed? &nbsp; Today we dive in and take a deeper look at the Coquitlam &hellip;<\/p>\n","protected":false},"author":2,"featured_media":2274,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-990","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 4.9.10 - aioseo.com -->\n\t<meta name=\"description\" content=\"Looking for an accurate picture of where the real estate market is headed? 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