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 2021.
- Larger market trends.
Port Coquitlam Market Update Overview:
Benchmark prices are up across the board in Port Coquitlam between 6.9-11.7% over thier 2021 counterparts.
Despite the market downturn the market remains at a higher pricepoint than the same time last year.
Overall Supply Update:
Compared to the same time last year supply has risen across the board:
Detached: +16.7%
Condo: +8.1%
Townhomes: +21.4%
As a new market pattern begins to emerge supply will increase as sellers who held off during the summer become active.
Overall Sales Update:
Compared to the same time last year sales decreased across the board:
Detached: -57.9%
Condo: -40.5%
Townhomes: -45%
Despite a much higher supply than 2021 the market remains slow in terms of sales as buyers continue to look for a 'deal'.
Sales decreased month-over-month when compared to August 2022:
Detached: 12 less sales than August
Condo: 3 less sales than August
Townhouse: 13 less sales than August
Detached Market Update:
September marks the sixth consecutive month that detached home's benchmark pricing has fallen.
The rate of pricing decline has slowed compared August.
The benchmark price for detached homes fell only $13,900 in the last 30 days: $53,500 less than the previous monthly decline.
However the September benchmark for detached homes was still $85,000 higher 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
Townhouse Market Update:
The benchmark price for a townhome is $84,000 higher than the same time last year.
After spending two months over the million mark, and then decreasing for three months the benchmark price for townhomes has marginally increased.
May: $1,019,000
June: $980,300
July: $915,000
August: $905,500
September: $910,400
Sales saw a large decrease compared to August 2022.
SNAPSHOT:
Sales remain low. Supply increases. Buyers Market
