Port Coquitlam Market:
December 2023 vs 2022
Sales are down, active listings have decreased, and days on market are up:
2023 ends with a softening market.
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 sixth 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. Both townhouses and condos remained fairly level between August and November while detached homes saw consecutive decreases.
- With December it has flipped, as condos and townhouses saw a decline while detached homes saw a very minor increase.
As a whole the market is still up from where it began in January 2023, however all areas have decreased since the peak in late spring/summer.
2022 Comparison:
- Detached homes are now only 7.9% above December 2022 prices representing a $101,100 improvement in a single year; however the benchmark is $60,800 down from this year's peak.
- Townhouses are 5.2% above December 2022 prices; a 3.7% decrease in pricing gap compared to the previous month.
- Condos are a slim 2.3% up over the last year.
•••
Overall Supply & Sales Update:
Compared to the same time last year supply has largley decreased:
- Detached: +12.1%
- Condo: -35.8%
- Townhouse: -45.2%
When December 2023 supply is compared to November 2023:
- Detached: 27 less listings than in November
- Condo: 27 less listings than in November
- Townhouse: 6 less than in November
Compared to the same time last year sales are mostly down:
- Detached: -20%
- Condo: +5%
- Townhomes: -44.4%
Compared to November 2023 sales have decreased:
- Detached:4 less sale than November
- Condo: 4 less sales than November
- Townhouse: 10 less sale than November
•••
Detached Market Update:
After decreasing for three consecutive months December saw a slight increase to detached homes pricing.
- In the last 12 months detached home's benchmark price has increased $100,800.
- In the last 30 days the benchmark price has increased $4000.
- Since the benchmark price started to decline in August it has decreased $60,800 which is over half of the current pricing increase over the last 12 months.
- If not for the 3 months of price decreases the benchmark price would be up $161,600 year-over-year.
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 90 days, followed by an extremely small increase...
the question now is...will the detached market enter 2024 at a new equilibrium, or will it return to decreasing in January?
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
- November: $1,373,800
- December: $1,377,800
•••
Townhouse Market Update:
- After two consecutive months of decreases October saw the benchmark price increase $8,300...before returning to two more consecutive months of decreases.
- Between October and December 2023 there was a $40,100 decrease to the benchmark price.
- Since the 2023 peak the benchmark price for townhouses had decreased $62,300.
- Since December 2022 townhouses' benchmark price has increased $45,200.
December saw active listings and sales plummet while days on market jumped up, more than doubling the November average. December also experienced 2023's largest single month decrease for this section of the market. December can traditionally be a off month...but the question now becomes...
...will townhomes bounce back in 2024, or will the market continue to force pricing downwards?
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
- November: $944,100
- December: $913,000
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