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 Market Update Overview:
Benchmark prices are up across the board in Port Coquitlam between 2.9-10.9% 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: +19%
Condo: +7.1%
Townhomes: +164.3%
As a new market pattern begins to emerge supply will increase as sellers who held off during the summer become active before the holiday season.
However, when you compare supply to September 2022 there has been more of a shakeup in available
properties.
When compared to September 2022:
Detached: 15 less listings than in September
Condo: 9 less listings than in September
Townhouse: 2 more listings than in September
Overall Sales Update:
Compared to the same time last year sales decreased across the board:
Detached: -40.5%
Condo: -44%
Townhomes: -60%
Despite a much higher supply than 2021 the market remains slow in terms of sales as buyers continue to look for a 'deal'.
The townhouse market was hit especially hard in October with a massve influx of listings compared to October 2021 and a considerable drop in sales.
Sales increased month-over-month when compared to September 2022:
Detached: 6 more sales than September
Condo: 6 more sales than September
Townhouse: 2 more sales than September
Detached Market Update:
October marks the seventh consecutive month that detached home's benchmark pricing has fallen.
The rate of pricing decline continues to slow each month.
The benchmark price for detached homes fell only $1,100 in the last 30 days:
Over $12,000 less than the previous monthly decline & over $66,000 less than the month before.
The October benchmark for detached homes was $36,700 higher than its 2021 counterpart.
The question now is...will the benchmark price dip below 2021?
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
Townhouse Market Update:
The benchmark price for a townhome is $51,500 higher than the same time last year.
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
SNAPSHOT:
Sales slowly increasing. Supply remains high. Buyers Market
