Port Coquitlam Market:
January 2024 vs 2023
Detached houses struggle to start 2024 on a positive note,
& the market as a whole in Poco remains fairly flat.
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 2023.
- Larger market trends.
•••
Port Coquitlam Benchmark Price Overview:
- January marked the ninth consecutive month that all three areas of the market had a higher benchmark price than the previous year.
- In 2023 the market slowed during the summer months and while both townhouses/condos remained fairly level between August and November detached homes saw consecutive decreases.
- With December it flipped, as condos and townhouses saw a decline while detached homes saw a very minor increase.
The 2024 winter market has begun on a stagnent note. While February has seen the beginnings of increased activity, January was flat.
2023 Comparison:
- Detached homes are now 6.9% above January 2023 prices representing a $88,200 improvement in a single year; however the benchmark is $69,700 below the 2023 peak.
- Townhouses are a slim 1.3% above January 2023 prices; a 3.9% decrease in pricing gap compared to the previous month as the gap continues to narrow.
- Condos are 4.9% up year over year.
•••
Overall Supply & Sales Update:
Compared to the same time last year supply is varied:
- Detached: +27.6%
- Condo: -5.6%
- Townhouse: -28%
When January 2024 supply is compared to December 2023:
- Detached: 6 less listings than in December
- Condo: 3 more listings than in December
- Townhouse: same number of listing as December
Compared to the same time last year sales are mostly down:
- Detached: -15.4%
- Condo: +38.5%
- Townhomes: +44.4%
Compared to December 2023 sales are varied:
- Detached: 3 more sales than December
- Condo: 3 less sales than December
- Townhouse: 8 more sales than December
•••
Detached Market Update:
After decreasing for three consecutive months December saw a slight increase to detached pricing...& January saw a return decreasing prices.
- In the last 12 months detached home's benchmark price has increased $88,200.
- In the last 30 days the benchmark price has decreased $8,900.
- Since the benchmark price started to decline in August it has decreased $69,700 which is nearly 80% of the current pricing increase over the last 12 months.
Since detached prices began to shift in August of last year sales have slowed right down...& 2024 has begun with a relatively soft detached housing market. Low supply, fewer sales, & lower prices.
Detached Home Benchmark Pricing:
- 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
- January: $1,368,900
•••
Townhouse Market Update:
- After a very minor pricing increase there have now been three consecutive months of pricing decreases in the townhouse market.
- Between October 2023 and January 2024 the benchmark prices has decreased $43,900.
- Since the 2023 peak the benchmark price for townhouses had decreased $66,100.
- Year over year the benchmark price has increased $42,200.
After a dismal December...days on market were up & prices/sales were down...January 2024 held the status quo. Prices may have seen a very minor dip, but sales more than doubled and the number of active listings held.
Townhouse Benchmark Pricing:
- 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
- January: $909,200
As a whole the Port Coquitlam market appears to now be entering a thawing period as it begins to awaken after a very slow winter.
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