Port Coquitlam Market Update

Posted on November 15, 2024 Category: Area Statistics

Port Coquitlam Market:

October 2024 vs 2023 

Maple Street Port Coquitlam

BUYERS RETURN TO THE MARKET

Supply of active listings finally drops as sales spike upwards sharply.

Looking for an accurate picture of where the real estate market is headed?

  Today we dive in and take a deeper look at the Port Coquitlam market as a whole:

  • A full overview & an in depth look at detached homes and townhouses. Both focusing on:
    1. How statistics stack up to the previous month's activity.
    2. Where we are standing compared to the same time period in 2023.
    3. Larger market trends.

 Citadel Heights

•••

Port Coquitlam Benchmark Price Overview:

  1. After May signified the one year mark of all three areas of the market having a higher benchmark price than the previous year...the gap is now narrowing.
    1. In June townhouses dipped below their 2023 benchmark before briefly recovering in August & diving below again in September. With another big pricing cut in October.
    2. After four months of yo-yo pricing renewed active buyers spurred detached pricing upwards creating a new 2024 benchmark high.
    3. Each month condos edge closer to parity with 2023 pricing. In September their benchmark was $17,600 above September of last year. In October that gap has narrows to $11,000.

2024 Port Coquitlam Market Snapshot:

  1. 2024 has seen the real estate market develop outside of normal trends:
    1. January was slow to warm up & February saw the return of sellers, sizable pricing increases, & continued buyer activity.
    2. March saw increased sales/supply, & pricing volatility as some areas continued upwards & others took a step back.
    3. April was marked with generalized growth. More listings, more sales, fewer days on market, & (mostly) increasing prices.
    4. Late April through early May represents the 2024 peak for townhouses & condos.
    5. Mid May through to July was slow, but despite low sales sellers continued to list their homes.
    6. August saw sales dip even further as prices continue to hold with minor fluctuations.
    7. September brought softening prices & continued slow sales.
    8. With the return of active buyers October saw a month-over-month supply decrease, increasing sales, & a new 2024 benchmark price for detached homes.

 

2023 Comparison:

  1. For the last 4 months detached homes experienced yo-yo pricing compared to their 2023 counterparts. But October broke the cycle.
    1. $61,600 improvement May 2024 to May 2023
    2. $14,500 improvement June 2024 to June 2023.
    3. $17,600 improvement July 2024 to July 2024.
    4. $600 improvement August 2024 vs 2023.
    5. $18,400 improvement September 2024 vs 2023.
    6. $75,300 improvement October 2024 vs 2023.
  2. After months of reeling from a massive pricing increase the townhouse market finally saw a small increase in August.
    1. However, August's $9,500 becnhmark increase was quickly outweighed by a 30 day decrease of $52,500 in September.
    2. Now for the second month in a row townhouses have been hit with a heavy pricing slide. Dipping below $900,000 for the first time in 2024. Lowest benchmark since March 2023.
  3. After taking a massive pricing jump in February of this year the condo market has really levelled off.
    1. Jan 2024: $612,900
    2. Feb 2024: $650,200 (a 30 day increase of $37,300)
      1. The condo market is now $12,000 below the 2024 peak; the lowest it has dropped since hitting the Febuary high & 2024's first back-to-back montly pricing decrease.
      2. Regardless of the decrease, unless November continues the downward trend the condo market continues to ebb and flow and to this point it has proven the most reliable and even keeled section of the market in 2024.

Overall Supply & Sales Update:

 
Compared to the same time last year supply has taken a big leap up: (but the gap is smaller than previous months)

  • Detached: +58.2%
  • Condo: +22.7%
  • Townhouse: +36.8%


When October supply is compared to September:

  • Detached: 19 less listings than in September
  • Condo: 11 less listings than in September
  • Townhouse: 8 less listing than in September

 

Compared to the same time last year sales have predominantly increased:

  • Detached: +73.3%
  • Condo: -3.8%
  • Townhomes: +118.2%

 

Sales have increased month over month (compared to September):

  • Detached: 13 more sales than September (October doubled September's numbers)
  • Condo: 3 more sales than September
  • Townhouse: 9 more sales than September

port coquitlam city hall

••• 

Detached Market Update:

2024 in a nutshell:

After 5 months of uncertainty and pricing decreases the detached market saw a massive uptick in February—recoiled in March—& returned to increases for April & May. Since May there has been a levelling off period...however September was the second month in a row that the benchmark price declined. With the return of buyers Ocotober saw the largest increase since Febuary.

  1. In the last 12 months detached home's benchmark pricing is up $75,300.
  2. February saw a the most substantial pricing increase in over a year. $49,000
  3. After experiencing back-to-back monthyl pricing decreases for the fitst time in 10 months, buyers have assisted the detached market rebounding.  In the last 30 days the benchmark price for detached homes increased $37,800.
  4. After April 2024 broke the benchmark price high for 2023 (set last August--$1,438,600), May managed to continue the upwards trend setting a new 2024 high...now five months later detached homes have reached a new high.
  5. We are now $10,000 above peak 2024 prices & $18,300 above peak 2023 pricing.

 

Detached Home Benchmark Pricing:

  1. October: $1,386,100
  2. November: $1,373,800
  3. December: $1,377,800
  4. January: $1,368,900
  5. February: $1,417,900
  6. March: $1,396,400
  7. April: $1,438,700
  8. May: $1,446,900
  9. June: $1,423,900
  10. July: $1,436,900
  11. August: $1,432,100
  12. September: $1,419,100
  13. October: $1,456,900



•••


Townhouse Market Update:

  1. In February of this year the townhouse market experienced its first benchmark price increase in four months.
  2. After 90 days of trending upwards May saw the slightest dip...just $1,000...however, it was the beginning of a 90 day downward trend.
  3. August experienced a brief uptick before September saw the largest 30 day movement, positive or negative, since mid 2022
    1. June - July 2022 saw a $65,300 decrease.
    2. August - September 2024 saw a $52,500 decrease.
  4. Following up such a sizable decrease, it is surprising the benchmark has dropped for the second consecutive month. In the last 60 days the benchmark has dropped $69,800.
  5. Townhouses are now $83,000 below the 2024 market peak, & nearly $100,000 ($92,400) below the 2023 peak.
    1. The 2023 peak was $975,300 in last July.
  6. Year over year the benchmark price has decreased $67,300.
  7. Supply remains high despite a decrease in listings, and many townhouse buyers are looking for affordability.

 

Townhouse Benchmark Pricing:

  1. October: $953,100
  2. November: $944,100
  3. December: $913,000
  4. January: $909,200
  5. February: $915,600
  6. March: $963,000
  7. April: $965,900
  8. May: $964,900
  9. June: $950,600
  10. July: $943,200
  11. August:$952,700
  12. September: $900,200
  13. October: $882,900



    Port Coquitlam Market Update 2024 vs 2023

    Although supply remains high compared to 2023, after months the market has finally shifted. We are now coming out of an early and prolonged slow summer period. Month-over-month sales are up across the board and supply has decreased for the first time in a long time; buyers have returned in a meaningful way after an extended absence.

    In terms of pricing October represents a shakeup. Until now, since the April pricing peak, growth had stagnated generally fluctuating minorly up and then back down month-over-month. Condos are now the only segment of the market which remains relatively stable. Townhouses experienced back-to-back months of their benchmark pricing being slashed & detached homes shot up…creating a new 2024 price record. November stats will be very telling in forecasting new trends.

    Subject to sale offers remain, but to varying degrees; despite seeing a  reduction there is still pent-up supply…some of which has been on the market for months. With a lack of new listings days on market have increased across the board as stale supply is driving the number upwards.

    Purely in terms of activity the fall market has finally recovered from a slow summer. Pricing is now in flux and to a large degree may be dictated by sellers. Now that homes are selling will we see a fresh slate of homes hoping for increased prices? Or will old supply continue selling at a reduced prices to endcap 2024.

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For the last 4 months detached homes experienced yo-yo pricing compared to their 2023 counterparts. But October broke the cycle.

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