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 2022.
- Larger market trends.
Port Coquitlam Benchmark Price Overview:
August marked the second month in over half a year that all three areas of the market had a higher benchmark price than the previous year; however, both condos and townhouses experienced a benchmark price decline when compared to July 2023. Detached homes are the only area of the market that continued with their upward trajectory.
In August the market was showing signs of mid to late summer fatigue as buyers reduce and tighten their wallets.
Detached homes continue to increase the gap between 2022 prices as they show month-over-month growth while summer 2022 brought a declining market landscape. They are now now 8.4% above August 2022 prices representing a $111,200 improvement in a single year.
Townhouses are 5.5% above August 2022 prices, and condos are a slim 2.5% up over the last year.
Overall Supply Update:
Compared to the same time last year supply has decreased across the board:
Detached: -9.5%
Condo: -43.9%
Townhomes: -21.2%
When August 2023 supply is compared to July 2023:
Detached: 7 less listings than in July
Condo: 8 less listings than in July
Townhouse: 1 less listings than in July
Supply has declined both year-over-year & month-over-month as the summer market grinds to a hault.
Overall Sales Update:
Compared to the same time last year sales are varied widely:
Detached: 0.0%
Condo: +12%
Townhomes: -45.8%
Compared to July 2023 sales, sales showed a small amount of deviation:
Detached:1 more sale than July
Condo: 4 less sales than July
Townhouse: same number of sales as July
Detached Market Update:
August marks the eighthconsecutive time that prices for detached homes have increased month-over-month.
2023 has seen nothing but upward momentum for detached homes.
In the last 30 days the benchmark price has increased $14,000.
Although August had over double the monthly growth that July saw it does mark the second time in over four months that the benchmark price has increased less than $25,000 in a 30 day period; incremental increases in the detached market occured from December 2022 to February 2023.
This shift may be hinting that detached homes may be nearing their new 'peak price.'
Detached Home Benchmark Pricing:
December: $1,277,000
January: $1,279,200
February: $1,282,000
March: $1,310,300
April: $1,339,000
May: $1,392,100
June: $1,418,300
July: $1,424,600
August: $1,438,600
Townhouse Market Update:
In the last 30 days the benchmark price has decreased $21,600. This is the first time in nine months that the benchmark price has decreased. Over supply should not be a factor in the prcing decrease as it is down year-over-year and month-over-month. Even with low supply sales have plummeted compared to 2022 indicating that buyers simply are not there at the current price point.
It now seems as though townhouses may not reach their previous benchmark market peak of over $1,000,000.
Townhouse Benchmark Pricing:
December: $870,000
January: $879,100
February: $884,700
March: $898,400
April: $901,600
May : $928,900
June : $962,100
July: $975,300
August: $953,700
