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 2022.
- Larger market trends.
Coquitlam Market Update Overview:
Benchmark prices are down across the board in Coquitlam between 0.9-6.6% over thier 2022 counterparts.
January marks the first time that detached homes, townhomes, and condos have all dropped below the previous years pricing.
Overall Supply Update:
Compared to the same time last year supply has substantially risen across the board:
Detached: +11.3%
Condo: +79.2%
Townhomes: +150%
However, when you compare supply to December 2022 there has been more of a variable 30-day shift in available properties.
When compared to December 2022:
Detached: 2 less listings in January
Condo: 32 more listings in January
Townhouse: 10 more listings in January
Overall Sales Update:
Compared to the same time last year sales have decreased dramatically across the board:
Detached: -57.1%
Condo: -54.3%
Townhomes: -73.3%
Despite a much higher supply than January 2022 the market remains slow as buyers continue be cautious and wait for a 'deal'.
However when you look at sales from month-over-month perspective, the market has been much more fluid:
Detached: 11 less sales than December
Condo: 12 more sales than December
Townhouse: 10 less sales than September
Overall Market At A Glance:
Suppply is up and sales are down compared to January 2022. When compared to December 2022 supply/sales are split.
Month-over-month the market is showing signs of settling.
Detached Market Update:
January marks the ninth consecutive month that detached home's benchmark pricing has fallen.
The rate of pricing decline has begun to drastically slow down.
The benchmark price for detached homes fell only $8500 in the last 30 days: the 30 day decline December-November 2022 was $30,000.
At its height the Coquitlam market saw a 30-day decline of $76,700.
The January benchmark for detached homes was now only $119,700 higher than its 2022 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
November: $1,728,400
December: $1,698,400
January: $1,689,900
In the last six months the becnchmark price for detached homes has fallen $154,600
Townhouse Market Update:
The townhouse benchmark price is now $54,800 below January 2021.
This is the second consecutive month prices have dipped below the previous year's benchmark.
Townhouse benchmark prices decreased for the ninth consecutive month.
Townhouse benchmark pricing is down only $2800 in the last 30 days.
The rate of decrease is continuing to slow 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
November: $994,300
December: $978,400
January: $975,600
In the last six months the becnchmark price for detached homes has fallen $105,100
SNAPSHOT:
Prices decrease begins to slow.
Compared to January 2022 supply is up and sales are down. Compared to December 2022 the market is closer to balancing.
Still A Buyers Market
