Port Coquitlam Market:
October 2023 vs 2022
Detached Market Sees High Supply & Lowering Prices
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 2022.
- Larger market trends.
•••
Port Coquitlam Benchmark Price Overview:
- October marked the fourth consecutive month that all three areas of the market had a higher benchmark price than the previous year.
- After experiencing steep pricing increases for the first half of the year the market slowed during the summer month; however, as a whole the market remained fairly level since August 2023. Now as fall progresses detached homes have seen a pricing decrease for the second month in a row.
After questioning if a new pattern of pricing decreases was emerging in September, October seems to indicate the attached market is simply leveling off while the detached market may have some further correcting before finding a new median.
2022 Comparison:
- Detached homes are now only 5.1% above October 2022 (September was over 7% above 2022) prices representing a $72,100 improvement in a single year; despite this improvement the gap between 2023 & 2022 pricing has narrowed by $21,800 over the last 30 days.
- Townhouses are 7.1% above October 2022 prices; a 3% increase in pricing gap since last reviewed.
- Condos are a slim 3.8% up over the last year, essentally the same gap as present in the September 2023 vs 2022 review.
•••
Overall Supply & Sales Update:
Compared to the same time last year supply has decreased across the board:
- Detached: +23.8%
- Condo: -17.3%
- Townhouse: -24.4%
When October 2023 supply is compared to September 2023:
- Detached: 1 less listings than in September
- Condo: 9 more listings than in September
- Townhouse: the same number of listings as in September
Compared to the same time last year sales are down:
- Detached: -31.8%
- Condo: +7.1%
- Townhomes: -8.3%
Compared to September 2023 sales have varied widely:
- Detached:13 less sale than September
- Condo: 2 more sales than September
- Townhouse: 3 less sale than September
•••
Detached Market Update:
October marks the second time in 2023 that prices for detached homes have decreased month-over-month. November 2022 to December 2022 was the last time there was a pricing decrease; the decrease in that 30-day window was only $5600.
- Since December 2022 detached home's benchmark price has increased $109,100.
- In the last 30 days the benchmark price has decreased $21,900.
- In the last 60 days the benchmark price has decreased $52,500 which is nearly half of the current pricing increase since December 2022.
In August we questioned whether the switch to incremental pricing increases was an indicator that we were nearing a new market peak...with back-to-back decreases over the last 60 days the answer has crystallized. The detached market is softening.
The question now is...how far to prices have to fall before finding 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
- October: $1,386,100
•••
Townhouse Market Update:
- After two consecutive months of decreases the last 30 days saw the benchmark price has increase $8,300.
- Between July and Septmber 2023 there was a $30,500 decrease to the benchmark price.
- Despite the most recent increase, over the last 90 days there has been a net $22,200 decrease to the benchmark price.
- Prior to the August 2023 decrease, 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 $84,100.
Supply, sales, & days on market reamin steady for the townhouse market. October's minor pricing increase could have been a reflection of the style of home's that were available. With only 11 sales, even one outlier makes a difference; and 65 2358 Ranger Lane sold for $1,115,000.
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
- September: $944,800
- October: $953,100
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