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:
February 2023 marks the first month that all three areas of the markher have a lower benchmark price than the previous year.
However, all three segments of the market have also shown a month over month pricing increase when compared to January 2023.
Condos are now 1.4% below February 2022 prices, and townhomes are 7.5% below the previous year.
Detached homes are now a substantial 16.2% below February 2022 which equates to a $247,800 pricing decrease in the last 12 months.
Overall Supply Update:
Compared to the same time last year supply has risen across the board:
Detached: +%31.3
Condo: +33.3%
Townhomes: +7.7%
When you compare supply to January 2023 there has been a much smaller shift in the markets supply:
When compared to January 2023:
Detached: 9 more listing than in January
Condo: 3 more listings than in January
Townhouse: 11 less listings than in January
Overall Sales Update:
Compared to the same time last year sales have taken a steep tumble across the board:
Detached: -73.8%
Condo: -68.8%
Townhomes: -31.6%
Compared to January 2023 sales maintained. They have fluctuated, but with no dramatic changes:
Detached: 2 less sales than January
Condo: 2 more sales than January
Townhouse: 4 more sales than January
Detached Market Update:
February marks the second consecutive time in 10 months that prices for detached homes have increased month-over-month.
The question is now...is a new pattern of market increase emerging as we move towards spring?
Between December 2022 and January 2023 the benchmark increased $2200.
In the last 30 days the benchmark price has increased $2800.
In the last 60 days the benchmark price for detached homes has increased $5000.
While this improvement is marginal it is a positive for the market to begin 2023.
While January marked the first time that the gap in price, when compared to the previous year, broke $100,000. Febuary marked the first time the same price gap broke $200,000
Detached Home Benchmark Pricing:
September: $1,314,200
October: $1,313,100
November: $1,282,600
December: $1,277,000
January: $1,279,200
February: $1,282,000
Townhouse Market Update:
The benchmark price for a townhome is $72,100 lower than the same time last year, but $5600 higher than January 2022.
Febuary marks the third 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.
Townhouse Benchmark Pricing:
September: $910,400
October: $892,300
November: $869,000
December: $870,000
January: $879,100
February: $884,700
SNAPSHOT:
Month over month the market continues to improve in 2023, while still being down year-over-year
Days on market are steadly dropping as the market picks up speed.
Supply & sales remains steady.
