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:
Condo's are now the only bracket of the market to have a benchmark price higher than the same time the previous year.
The benchmark for condo's is 5.2% above December 2021.
Townhomes are now 1.2% below December 2021 prices.
Last month detached homes lagged behind November 2021 prices by 2.6%. This month prices have dropped to 5.8% below December 2021 increasing the pricing gap.
Townhouse prices are nearly identical to the January 2021 benchmark. December's benchmark was only $100 higher.
January 2020 was the last time that townhomes' 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: +80.6%
Condo: +150%
Townhomes: +400%
This style of supply increase is not standard for the time of year, & some sellers may be trying to sell before price drop further.
However, when you compare supply to November 2022 there has been a sizable decrease in options for buyers.
When compared to October 2022:
Detached: 29 less isting than in November
Condo: 21 less listings than in November
Townhouse: 11 less listings than in November
Overall Sales Update:
Compared to the same time last year sales have takem a steep tumble across the board:
Detached: -61.5%
Condo: -58.5%
Townhomes: -59.1%
Despite skyrocketing supply the market remains slow in terms of sales as buyers continue to look for a 'deal'.
Compared to November 2022 sales stayed fairly even:
Detached: 1 less sale than November
Condo: 1 more sale than November
Townhouse: 2 more sales than November
Detached Market Update:
November marks the 9th consecutive month that detached home's benchmark pricing has fallen.
In the last 30 days between statistics collection the benchmark price only fell $5600.
In the previous 30-days (November-October) the benchmark price fell $30,500.
The December benchmark for detached homes was $78,700 lower than its 2021 counterpart.
The questions is now if the gap will continue to increase and reach $100,000 below the previous year's price.
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
December: $1,277,000
Townhouse Market Update:
The benchmark price for a townhome is $10,700 lower than the same time last year, but $1000 higher than November 2022.
After seeing a decrease in November the benchmark price has once again increased month-over-month just has it has in September.
May: $1,019,000
June: $980,300
July: $915,000
August: $905,500
September: $910,400
October: $892,300
November: $869,000
December: $870,000
SNAPSHOT:
A Slow end to a downward trending year.
Supply surge compared 2021. Prices below same time in 2021. Buyers Market
