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.
Port Coquitlam Benchmark Price Overview:
Benchmark prices are up for townhomes and condos 8.5% & 2.4% over thier 2021 counterparts.
Detached homes are now 2.6% below November 2021 prices.
You have to go back to September 2021 for Novembers benchmark price to be comparatively ahead which means detached homes are at their lowest benchmark in 14 months.
November 2019 was the last time that detached homes benchmark price was lower than the previous years
Overall Supply Update:
Compared to the same time last year supply has risen across the board:
Detached: +45.5%
Condo: +33.3%
Townhomes: +128.6%
This style of supply increase is not standard for the time of year, & some sellers may be trying to sell before price drop further.
Although supply will likely decrease throughout December.
However, when you compare supply to October 2022 there has been more of a shakeup in available
properties.
When compared to October 2022:
Detached: 1 more listing than in October
Condo: 9 less listings than in October
Townhouse: 7 less listings than in October
Overall Sales Update:
Compared to the same time last year sales have takem a steep tumble across the board:
Detached: -67.6%
Condo: -67.2%
Townhomes: -68.2%
Despite a much higher supply than 2021 the market remains slow in terms of sales as buyers continue to look for a 'deal'.
For the second month in a row the townhouse market was hit especially hard with a massve influx in listings compared to November 2021 and a considerable drop in sales.
Compared to October 2022 sales varied, but were largley trending downwards:
Detached: 1 more sale than October
Condo: 7 less sales than October
Townhouse: 7 less sales than October
Detached Market Update:
November marks the 8th consecutive month that detached home's benchmark pricing has fallen.
As sales slow moving towards the holiday season the rate of pricing decline has once again increased after slowing for two consecutive months.
September-October the benchmark price fell only $1,100.
In the last 30-days the benchmark price fell $30,500.
The November benchmark for detached homes was $33,600 lower than its 2021 counterpart.
Detached Home Benchmark Pricing:
April: $1,538,600
May: $1,517,700
June: $1,427,900
July: $1,395,500
August: $1,328,100
September: $1,314,200
October: $1,313,100
November: $1,282,600
Townhouse Market Update:
The benchmark price for a townhome is $20,100 higher than the same time last year.
The question now is, will the benchmark price for townhomes drop below their 2021 counterparts like detached homes?
After last months increase the benchmark price is once again on its way down dipping in to the $800,000s for
the first time since January.
May: $1,019,000
June: $980,300
July: $915,000
August: $905,500
September: $910,400
October: $892,300
November: $869,000
SNAPSHOT:
Detached homes hit 14 month low. Sales & supply down month over month. Buyers Market
