Port Coquitlam Market:
July 2024 vs 2023
After months of ever increasing new listings & countless sales—& after an April filled with climbing prices—the May became a tipping point as the market slowed early for the summer.
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:
- After May marked the one year mark of all three areas of the market having a higher benchmark price than the previous year...the gap is now narrowing & in June townhouses dipped below their 2023 benchmark.
- 2024 has seen the real estate market develop outside of normal trends:
- January was slow to warm up & February saw the return of sellers, sizable pricing increases, and continued buyer activity.
- March saw increased sales/supply, and pricing volatility as some areas continued upwards and others took a step back.
- April was marked with generalized growth. More listings, More sale, fewer days on market, & (mostly) increasing prices.
- 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.
- Mid May through to mid August has been very slow. Despite slow sales sellers continue to list their homes. Pricing is fluctuating but only to a minor degree.
Sales are slow in Metro Vancouver, & supply continues to grow.
Prices are showing signs of peaking, as only those homes percieved as 'deals' are selling.
2023 Comparison:
- Detached homes are now 1.2% above July 2023 prices representing a very minor $17,600 increase in a single year. After four consecutive months of a decreasing year-over-year price gap, and a massive change in June, July saw a very minor uptick:
- $115,200 improvement Feb 2024 and Feb 2023.
- $80,000 improvement March 2024 and March 2023.
- $73,600 improvement April 2024 to April 2023.
- $61,600 improvement May 2024 to May 2023
- $14,500 improvement June 2024 to June 2023.
- The July 2024 pricing gap is $3,100 higher than the June 2024 vs 2023 gap.
- Four months later and the townhouse market is still reeling from the massive price increase it saw in March.
- Since April townhouses have seen a small but steady downward trend.
- In March the gap between 2024 and 2023 prices was +8.1%. It is now -0.9%...the first area of the market to lose ground year over year.
- After taking a massive pricing jump in February of this year the condo market has really levelled off.
- Jan 2024: $612,900
- Feb 2024: $650,200
- The most pricing has fallen since its Feb peak is $10,300, & it now sits just $4,900 below the peak. The condo market continues to ebb and flow in a more traditional fashion compared to the detached and townhouse markets.
Overall Supply & Sales Update:
Compared to the same time last year supply has exploded:
- Detached: +45.4%
- Condo: +78.7%
- Townhouse: +128.6%
When July supply is compared to June:
- Detached: 7 more listings than in June
- Condo: 4 less listings than in June
- Townhouse: 11 more listing than in June
Compared to the same time last year sales are down:
- Detached: -18.5%
- Condo: -3.1%
- Townhomes: -15.4%
Sales varied month over month (compared to June):
- Detached: 2 more sales than June
- Condo: 4 more sales than June
- Townhouse: 3 less sales than June
•••
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 April & May. Since May there has been a levelling off period.
- In the last 12 months detached home's benchmark price has increased $17,600
- February saw a the most substantial pricing increase in over a year. $49,000
- In the last 30 days the benchmark price for detached homes increased $13,000.
- Over the last 60 days however the benchmark price has decreased $10,000.
- After April 2024 broke the benchmark price high for 2023 (set last August), May managed to continue the upwards trend before June dipped back below the high.
- We are now $10,000 below peak 2024 prices.
Detached Home Benchmark Pricing:
- 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
- February: $1,417,900
- March: $1,396,400
- April: $1,438,700
- May: $1,446,900
- June: $1,423,900
- July: $1,436,900
•••
Townhouse Market Update:
- In February of this year the townhouse market experienced its first benchmark price increase in four months.
- After 90 days of trending upwards May saw the slightest dip. Just $1,000. It was the beginning of a downward trend.
- Townhouses are now $32,100 below the 2023 market peak, & $22,700 below the 2024 peak.
- Year over year the benchmark price has decreased $27,800. It is the first area of the market to have a year over year decrease in well over 12 months.
Townhouse Benchmark Pricing:
- July: $975,300
- August: $953,700
- September: $944,800
- October: $953,100
- November: $944,100
- December: $913,000
- January: $909,200
- February: $915,600
- March: $963,000
- April: $965,900
- May: $964,900
- June: $950,600
- July: $943,200
Supply continues to soar, & generally speaking buyers have taken a step back. Since an April/May peak pricing growth has stagnated. Subject to sale offers have returned especailly in the townhouse market. The summer market has fully slowed down, and while there is still movement buyers are looking for 'great deals' or they are holding off as supply continues to push the limits.
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