Posted on September 18, 2024 Category: Area Statistics

Port Coquitlam Market:

August 2024 vs 2023

With high supply continuing a slow summer market comes to an end remaining relatively balanced.

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 marked 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 recovering slightly in August.
In August detached homes came within $600 of the August 2023 benchmark.

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.

2023 Comparison:

Detached homes are now at parity August 2023 prices. After July saw a very minor uptick over 2023 the slow August market nulified any year-over-year pricing increase:

$73,600 improvement April 2024 to April 2023.
$61,600 improvement May 2024 to May 2023
$14,500 improvement June 2024 to June 2023.
$17,600 improvement July 2024 to July 2024.
August 2024 vs 2023 pricing gap $600

After five months of reeling from a massive pricing increase the townhouse market has finally seen another pricing increase.

After 4 months of minor decreases the townhouse market benchmark price increased $9,500 over the last 30 days.
Last month prices were below their 2023 counterparts, however, this last increase sees August 2024 benchmark 0.3% above August 2023.

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 $1,900 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: +48.6%
Condo: +95.1%
Townhouse: +83.3%

When Augsut supply is compared to July:

Detached: 4 less listings than in July
Condo: 13 less listings than in July
Townhouse: 11 less listing than in July

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

Detached: -53.6%
Condo: -11.1%
Townhomes: -30.8%

Sales varied month over month (compared to July):

Detached: 9 less sales than July
Condo: 7 less sales than July
Townhouse: 6 more sales than July

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 with no dramatic changes.

In the last 12 months detached home's benchmark price has seen zero growth.
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 $4,800.
Over the last 60 days however the benchmark price has increased $8,200.
After April 2024 broke the benchmark price high for 2023 (set last August), May managed to continue the upwards trend before June dipped back below the high.
Both July & August remined above peak 2023 pricing. However, we are now $14,800 below peak 2024 prices.

Detached Home Benchmark Pricing:

August: $1,431,500
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

•••

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. It was the beginning of a 90 day downward trend.
Townhouses are now $18,300 below the 2023 market peak, & $13,500 below the 2024 peak.
Year over year the benchmark price has increased $2,700.

Townhouse Benchmark Pricing:

July: $971,000
August: $950,000
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

Compared to 2023 supply continues to soar, however, month-over-month it appears to be levelling out. On the whole buyers have taken a step back. Since an April/May peak pricing growth has stagnated generally fluctuating minorly up and then back down month-over-month. Subject to sale offers have returned to varying degrees. The summer market has fully slowed down, and while there is still movement buyers are looking for 'great deals' or they are holding off as supply remains unusually high.