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:
September marked the third consecutive month that all three areas of the market had a higher benchmark price than the previous year; however, as a whole the market has largely contracted since August 2023. Condos are the only area of the market that didn't see a pricing decrease in the last 30 days.
After experiencing steep pricing increases for the first half of the year the market slowed during the summer months. Now as fall progresses, and detached homes finally see a pricing decrease, all areas of the market appear to be tightening.
The question now is; has a new pattern of pricing decreases emerged? Or is the market simply leveling off?
Detached homes are now 7.1% above September 2022 prices representing a $93,900 improvement in a single year; despite this improvement the gap between 2023 & 2022 pricing has narrowed by $17,300 over the last 30 days.
Townhouses are 4.1% above September 2022 prices, and condos are a slim 4.0% up over the last year.
Overall Supply Update:
Compared to the same time last year supply has decreased across the board:
Detached: +1.1%
Condo: -34.5%
Townhomes: -13.9%
When September 2023 supply is compared to August 2023:
Detached: 8 less listings than in August
Condo: 17 more listings than in August
Townhouse: 2 more listings than in August
Overall Sales Update:
Compared to the same time last year sales are varied widely:
Detached: +68.8%
Condo: +9.1%
Townhomes: -27.3%
Compared to August 2023 sales, sales showed a small amount of deviation:
Detached:1 less sale than August
Condo: 3 less sales than August
Townhouse: 1 more sale than August
Detached Market Update:
September marks the first time in 2023 that prices for detached homes has decreased month-over-month. November 2022 to December 2022 was the last time there was a pricing decrease; there was a $5600 decrease in that 30-day window.
Since December 2022 detached home's benchmark price has increased $131,000.
In the last 30 days the benchmark price has decreased $30,600.
Last month we questioned whether the switch to incremental pricing increases was an indicator that we were reaching a new market peak...with this month's decrease the answer becomes slightly clearer. While it seems as though we area heading towards a softening the market could just as easily level out and find a new equilibrium.
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
September: $1,408,000
Townhouse Market Update:
In the last 30 days the benchmark price has decreased $8,900: there has been a $30,500 decrease in the last 60 days.
This the second consecutive month of pricing decreases and the second time in 2023 that the benchmark price has decreased.
October 2022 to November 2022 was the last time there was a pricing decrease; there was a $23,300 decrease in that 30-day window. Since November 2022 townhouses' benchmark price has increased $75,800.
Over supply should not be a factor in the prcing decrease as it is down year-over-year and month-over-month. The number of sales also remain steady meaning the townhouse market has likely reached its peak for 2023.
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
September: $944,800
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