Port Coquitlam Market:

May 2024 vs 2023 

After months of ever increasing new listings & countless sales—& after an April filled with climbing prices—the May market showed signs of potential peaking.

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:

1. How statistics stack up to the previous month's activity.
2. Where we are standing compared to the same time period in 2023.
3. Larger market trends.

•••

Port Coquitlam Benchmark Price Overview:

1. We have now passed the one year mark of all three areas of the market having a higher benchmark price than the previous year.
2. 2024 has seen the real estate market develop outside of normal trends:
1. January was slow to warm up & February saw the return of sellers, sizable pricing increases, and continued buyer activity.
2. March saw increased sales/supply, and pricing volatility as some areas continued upwards and others took a step back.
3. April was marked with generalized growth. More listings, More sale, fewer days on market, & (mostly) increasing prices.
4. May showed signs of a potential peak in sight. Compared to April 2024 two areas of the market saw slight pricing & sales decreases. All while supply remains higher than average.

While active listings in Metro Vancouver remain extremely high

sales are leveling off & prices are showing signs of peaking.

2023 Comparison:

1. Detached homes are now 4.4% above May 2023 prices representing a $61,600 improvement in a single year; this is the third consecutive month that the year-over-year gap has decreased:
1. $115,200 improvement Feb 2024 and Feb 2023.
2. $80,000 improvement March 2024 and March 2023.
3. $73,600 improvement April 2024 to April 2023.
2. The townhouse market still seems to be reeling from the massive price increase it saw in March. Both April & May saw very minor price decreases and the gap between 2024 and 2023 prices narrowed from 8.1% to 4.2% in just three months.
3. Right now condos are experiencing a similar market as they did in 2023. The price ebbs and flows with marginal increases followed by slight decreases. But there has not been a monumental change in 2024.

Overall Supply & Sales Update:

 
Compared to the same time last year supply has exploded:

• Detached: +62.7%
• Condo: +67.4%
• Townhouse: +91.3%

When May supply is compared to April:

• Detached: 9 more listings than in April
• Condo: 2 less listings than in April
• Townhouse: 5 more listing than in April

Compared to the same time last year sales are fluctuating:

• Detached: -3.2% (April 2024 saw 75% more sales than April 2023. So this is a massive shift)
• Condo: +2.5%
• Townhomes: +26.3%

Sales varied month over month (compared to April):

• Detached: 5 less sales than April
• Condo: 5 less sales than April
• Townhouse: 3 more sales than April

••• 

Detached Market Update:

After 5 months of uncertainty and pricing decreases the detached market saw a massive uptick in February—recoiled in March—& returned to increases for the past 60 days.

1. In the last 12 months detached home's benchmark price has increased $61,600 (trending downwards)
2. February saw a the most substantial pricing increase in over a year. $49,000
   
3. In the last 30 days the benchmark price for detached homes increased $8,200.
4. Over the last 60 days however the benchmark price has only increased $50,500.
5. After April 2024 broke the benchmark price high for 2023 (set last August), May managed to continue the upwards trend.
6. We are now $8300 above peak 2023 prices.

Detached Home Benchmark Pricing:

1. April: $1,354,300 
2. May: $1,392,100 
3. June: $1,418,300
4. July: $1,424,600
5. August: $1,438,600
6. September: $1,408,000
7. October: $1,386,100
8. November: $1,373,800
9. December: $1,377,800
10. January: $1,368,900
11. February: $1,417,900
    
12. March: $1,396,400
13. April: $1,438,700
14. May: $1,446,900

•••

Townhouse Market Update:

1. In February of this year the townhouse market experienced its first benchmark price increase in four months.
2. After 90 days of trending upwards May saw the slightest dip. Just $1,000.
3. Since March townhouse pricing has been extremely stable.
4. Townhouses are now $10,400 below the 2023 market peak.
5. Year over year the benchmark price has increased $39,300.

Townhouse Benchmark Pricing:

1. April: $909,200
2. May : $928,900 
3.  June : $962,100
4.  July: $975,300  
5.  August: $953,700
6.  September: $944,800
7. October: $953,100
8. November: $944,100
9. December: $913,000
10. January: $909,200
11. February: $915,600
12. March: $963,000
13. April: $965,900
14. May: $964,900

Supply continues to soar, buyers remain active but are showing signs of faltering. Pricing growth has stagnated outside of the detached market. Some homes are still selling in multiple offers...but others are sitting. Subject to sale offers are making a return. The spring market remains active...however, it is showing signs of slowing earlier than is traditional.

Your Neighbourhood Experts

 Have questions about Port Coquitlam's market? Click Here to CONTACT US

We are working to make your life easier.