Posted on October 23, 2024 Category: Area Statistics

Port Coquitlam Market:

September 2024 vs 2023

Fall begins with a summer hangover. High supply & softening prices dominate the market.

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:

How statistics stack up to the previous month's activity.
Where we are standing compared to the same time period in 2023.
Larger market trends.

Citadel Heights

•••

Port Coquitlam Benchmark Price Overview:

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.

In June townhouses dipped below their 2023 benchmark before briefly recovering in August & diving below again in September.
After coming within $600 of the previous years benchmark in August detached homes have widened the gap...but only just shy of $19,000.
Each month condos edge closer to parity with 2023 pricing. Now just $17,600 above September of last year.

2024 Port Coquitlam Market Snapshot:

2024 has seen the real estate market develop outside of normal trends:

January was slow to warm up & February saw the return of sellers, sizable pricing increases, & continued buyer activity.
March saw increased sales/supply, & pricing volatility as some areas continued upwards & others took a step back.
April was marked with generalized growth. More listings, more sales, fewer days on market, & (mostly) increasing prices.
Late April through early May represents the 2024 peak.
Mid May through to July was slow, but despite low sales sellers continued to list their homes.
August saw sales dip even further as prices continue to hold with minor fluctuations.
September brought softening prices & continued slow sales.

2023 Comparison:

Detached homes have been experiencing a yo-yo pricing effect in relation to their 2023 counterparts:

$61,600 improvement May 2024 to May 2023
$14,500 improvement June 2024 to June 2023.
$17,600 improvement July 2024 to July 2024.
$600 improvement August 2024 vs 2023.
$18,400 improvement September 2024 vs 2023.

After five months of reeling from a massive pricing increase the townhouse market finally saw a pricing increase in August.

However, the $9,500 becnhmark increase was quickly outweighed by a 30 day decrease of $52,500 in September.
After the benchmark price dipped below its 2023 counterpart in July, August saw it increase to 0.3% above August 2023...September's big decrease brough the benchmark 4.4% below September 2023. Entering another potentioal yo-yo cycle.

After taking a massive pricing jump in February of this year the condo market has really levelled off.

Jan 2024: $612,900
Feb 2024: $650,200 (a 30 day increase of $37,300)

The most pricing has fallen since its Feb peak is $10,300, & it now sits just $9,500 below the peak. The condo market continues to ebb and flow and has proven the most reliable and steady section of the market in 2024.

Overall Supply & Sales Update:

Compared to the same time last year supply has exploded:

Detached: +72.2%
Condo: +62.3%
Townhouse: +56.8%

When September supply is compared to August:

Detached: 18 more listings than in August
Condo: 16 more listings than in August
Townhouse: 2 less listing than in August

Compared to the same time last year sales have mostly fallen off:

Detached: -50%
Condo: -8.3%
Townhomes: +7.1%

Sales remain slow month over month (compared to August):

Detached: the same amount of sales as August
Condo: 2 less sales than August
Townhouse: 2 less sales than August

port coquitlam city hall

•••

Detached Market Update:

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.

In the last 12 months detached home's benchmark pricing has seen minimal growth; up just $18,400 in a one year period.
February saw a the most substantial pricing increase in over a year. $49,000
In the last 30 days the benchmark price for detached homes decreased $13,000; the most substantial since June.
After April 2024 broke the benchmark price high for 2023 (set last August--$1,438,600), May managed to continue the upwards trend before June dipped back below the high & pricing has not recovered since.
We are now $27,800 below peak 2024 prices & $19,500 below peak 2023 pricing.
October & November of 2023 was the last time the detached market saw its benchmark price decline for two straight months.

Detached Home Benchmark Pricing:

September: $1,408,000
October: $1,386,100
November: $1,373,800
December: $1,377,800
January: $1,368,900
February: $1,417,900
March: $1,396,400
April: $1,438,700
May: $1,446,900
June: $1,423,900
July: $1,436,900
August: $1,432,100
September: $1,419,100

•••

Townhouse Market Update:

In February of this year the townhouse market experienced its first benchmark price increase in four months.
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.
August experienced a brief uptick before September saw the largest 30 day movement, positive or negative, since mid 2022

June - July 2022 saw a $65,300 decrease.
August - September 2024 saw a $52,500 decrease.

Townhouses are now $65,700 below the 2024 market peak, & $75,100 below the 2023 peak.

The 2023 peak was $975,300 in last July.

Year over year the benchmark price has decreased $41,600.

Townhouse Benchmark Pricing:

September: $944,800
October: $953,100
November: $944,100
December: $913,000
January: $909,200
February: $915,600
March: $963,000
April: $965,900
May: $964,900
June: $950,600
July: $943,200
August:$952,700
September: $900,200

Compared to 2023 supply continues to soar, and although the market appeared to be leveling out throughout the summer September took a downward turn. Buyers have taken a step back. For the last several months since a late Apri peak pricing growth has stagnated generally fluctuating minorly up and then back down month-over-month. However, September broke the yo-yo trend for two areas of the market; detached homes saw two back-to-back months of decreases and townhouses saw a large decrease.

Subject to sale offers have returned to varying degrees. The fall market hasn't recovered from a slow summer, and while there is still movement buyers are looking for 'great deals' or they are holding off as supply remains unusually high.