Looking for an accurate picture of where the real estate market is headed?
Today we dive in and take a deeper look at the 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:
Condo's are now the only bracket of the market to have a benchmark price higher than the same time the previous year.
The benchmark for condo's is 3.3% above January 2022.
Townhomes are now 2.8% below January 2022 prices.
Detached homes are now 11.5% below January 2022 which equates to a $166,8000 pricing decrease in the last 12 months.
Month over month prices are up accross the board in Port Coquitlam.
Overall Supply Update:
Compared to the same time last year supply has risen across the board:
Detached: +%26.3
Condo: +80.8%
Townhomes: +214.3%
However, when you compare supply to December 2022 there has been a slight decrease in options for buyers; which is typical for the time of year.
When compared to December 2022:
Detached: 12 less isting than in December
Condo: 16 less listings than in December
Townhouse: 7 less listings than in December
Overall Sales Update:
Compared to the same time last year sales have taken a steep tumble across the board:
Detached: -56.7%
Condo: -61.8%
Townhomes: -35.7%
Compared to December 2022 sales maintained. They have fluctuated, but with no dramatic changes:
Detached: 3 more sales than December
Condo: 7 less sales than December
Townhouse: the same number of sales as December
Detached Market Update:
From December to January there was a marginal price increase for detached homes. This markes the first time in 10 months that prices for detached homes have increased month-over-month.
In the last 30 days between statistics collection the benchmark increased $2200.
Although the increase is small it is a positive way to for the market to begin 2023.
January marks the first time in the current market decline that the gap in price, when compared to the previous year, has broken past $100,000.
Detached Home Benchmark Pricing:
April: $1,538,600
May: $1,517,700
June: $1,427,900
July: $1,395,500
August: $1,328,100
September: $1,314,200
October: $1,313,100
November: $1,282,600
December: $1,277,000
January: $1,279,200
Townhouse Market Update:
The benchmark price for a townhome is $25,600 lower than the same time last year, but $9100 higher than December 2022.
This is the second consecutive month that townhomes have seen a pricing increase; potentially indicating that the townhouse market has reached its low point and is ready to balance out and stabilize.
May: $1,019,000
June: $980,300
July: $915,000
August: $905,500
September: $910,400
October: $892,300
November: $869,000
December: $870,000
January: $879,100
SNAPSHOT:
The market has shown a strong start to 2023.
Prices increase month over month. Sales remains steady. Slight Supply Decrease.
