Looking for an accurate picture of where the real estate market is headed?
Today we dive in and take a deeper look at the Coquitlam market as a whole:
- A full overview & an in depth look at detached homes and townhouses. Both focusing on:
- How statistics stack up to the previous month's activity.
- Where we are standing compared to the same time period in 2021.
- Larger market trends.
Coquitlam Market Update Overview:
Benchmark prices are up across the board in Coquitlam between 5-7.8% over thier 2021 counterparts.
Despite the market downturn the market remains at a higher pricepoint than the same time last year.
Overall Supply Update:
Compared to the same time last year supply has substantially risen across the board:
Detached: +19.4%
Condo: +39.5%
Townhomes: +100%
A new market pattern may be beginning to emerge as supply increases; largely due to sellers who held off during the summer becoming active.
However, when you compare supply to September 2022 there has been a minor 30-day dip in available properties.
When compared to September 2022:
Detached: 8 less listings in September
Condo: 12 less listingsin September
Townhouse: 11 less listings in September
Overall Sales Update:
Compared to the same time last year sales decreased across the board:
Detached: -44%
Condo: -33.1%
Townhomes: -21.9%
Despite a much higher supply than 2021 the market remains slow compared to the same time last year as buyers continue to look for a 'deal'.
However when you look at sales from month-over-month perspective, the market has been more active compared to September 2022:
Detached: 4 more sales than September
Condo: 35 more sales than September
Townhouse: 10 more sales than September
Overall Market At A Glance:
Suppply is up and sales are down compared to 2021. When compared to September 2022 supply is down and sales are up.
Month-over-month the market is showing signs of positive growth.
Detached Market Update:
October marks the sixth consecutive month that detached home's benchmark pricing has fallen.
The rate of pricing decline has increased compared September, but decreased from its height.
The benchmark price for detached homes fell only $28,800 in the last 30 days: at its height the Coquitlam market saw a 30-day decline of $76,700.
The October benchmark for detached homes was now only $84,000 higher than its 2021 counterpart.
Detached Home Benchmark Pricing:
April: $1,961,800
May: $1,950,800
June: $1,874,100
July: $1,853,500
August: $1,794,700
September: $1,779,200
October: $1,750,400
In the last six months the becnchmark price for detached homes has fallen $211,400
Townhouse Market Update:
The benchmark price for a townhome is now only 73,800 higher than the same time last year.
Townhouse benchmark prices drcreased for the sixth consecutive month.
Townhouse benchmark pricing is down $17,400 in the last 30 days.
The rate of decrease is slowing month-over-month.
April: $1,149,300
May: $1,121,400
June: $1,086,500
July: $1,080,700
August: $ 1,058,500
September: $1,032,000
October: $1,014,600
In the last six months the becnchmark price for detached homes has fallen $134,700
SNAPSHOT:
Prices Contine to decrease, but at a slower rate.
Compared to 2021 the market is down, compared to September 2022 it is improving.
Still A Buyers Market
