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:
July 2023 was the first month in half a year that all three areas of the market had a higher benchmark price than the previous year.
July also marked the sixth consecutive month that all three segments of the market have shown month over month pricing increases.
The market continues to inch forward as it officially makes year-over-year progress.
Detached homes and condos are now both 2.1% above July 2022 prices.
Townhouses are 6.8% above July 2022 prices which is a massive 8.5% improvement over the gap between June 2023 & 2022.
The year-over-year gap for townhouses is now showing a $61,800 increase. Last month the benchmark was lagging $16,600 behind 2022 prices.
That is a comparative improvement of over $78,000 in just 30 days.
Overall Supply Update:
Compared to the same time last year supply has decreased across the board:
Detached: -15.2%
Condo: -41.3%
Townhomes: -50%
When July 2023 supply is compared to June 2023:
Detached: same amount of listing as June
Condo: 4 less listings than in June
Townhouse: 5 more listings than in June
While supply is down year over year it has held strong compared to 2023.
Overall Sales Update:
Compared to the same time last year sales are varied:
Detached: +28.6%
Condo: -8.6%
Townhomes: -13.3%
Compared to June 2023 sales, aside from detached, have also trended downwards:
Detached:same amount of sales as June
Condo: 10 less sales than June
Townhouse: 8 less sales than June
Detached Market Update:
July marks the seventh consecutive time that prices for detached homes have increased month-over-month.
2023 has seen nothing but upward momentum for detached homes.
In the last 30 days the benchmark price has increased $6300.
In the last 60 days the benchmark price for detached homes has increased $32,500.
July marks the first time in over four months that the benchmark prices has increased less than $25,000 in 30 days.
July may mark the return of incremental pricing increases the likes of which we saw from December 2022 to February 2023 of this year. As prices could be peaking for their current streak of inflation.
Detached Home Benchmark Pricing:
December: $1,277,000
January: $1,279,200
February: $1,282,000
March: $1,310,300
April: $1,339,000
May: $1,392,100
June: $1,418,300
June: $1,424,600
Townhouse Market Update:
In the last 30 days the benchmark price has increased $13,200.
In the last 60 days the benchmark price for townhouses has increased $46,400.
July marks the eighth consecutive month that townhomes have seen a pricing increase; and a return to more marginal 30-day increases after two months of sizable jumps.
Townhouses continue their trudge back towards the benchmark price $1,000,000 they saw at the market's peak.
Townhouse Benchmark Pricing:
December: $870,000
January: $879,100
February: $884,700
March: $898,400
April: $901,600
May : $928,900
June : $962,100
July: $975,300
SNAPSHOT:
Month over month prices continue to increase in 2023 & they have now surpassed their 2022 counterparts.
Townhouses took a massive leap past July 2022 pricing. Up 6.8% year-over-year.
Detached homes activity remains strong will sales slip for townhouses and condos.
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