Port Coquitlam Market:
February 2024 vs 2023
The entire market accelerates towards an early spring boost
as prices jump up & days are market are slashed.
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:
- January marked the tenth consecutive month that all three areas of the market had a higher benchmark price than the previous year.
- Since late summer of last year the market as a whole has remained flat and/or trended downwards. However 2024 has begun a return:
- January saw decreases level off & a return of buyers.
- February has seen the return of sellers & pricing increases.
- March (although not over) has seen multiple offers return & pricing increases continue.
2024 is shaping up to have a very active spring market punctuated with more buyers than sellers.
2023 Comparison:
- Detached homes are now 8.8% above February 2023 prices representing a $115,200 improvement in a single year; we are now just $20,700 away from peak 2023 prices.
- Townhouses are 3.6% above February 2023 prices; prices may be increasing, but the gap between 2023 prices is narrowing. Feb 2024 is only $31,800 above Feb 2023.
- Condos are 7% up year over year aftering seeing a much larger than usual price increase during February.
•••
Overall Supply & Sales Update:
Compared to the same time last year supply has increased:
- Detached: +38.8%
- Condo: +15.5%
- Townhouse: +57.1%
When February supply is compared to January:
- Detached: 17 more listings than in January
- Condo: 15 more listings than in January
- Townhouse: 4 more listing than in January
Compared to the same time last year sales have seen a vast increase:
- Detached: +36.4%
- Condo: +113.3%
- Townhomes: +23.1%
Sales have also increased month over month (compared to Jan):
- Detached: 4 more sales than January
- Condo: 14 more sales than January
- Townhouse: 3 more sales than January
•••
Detached Market Update:
After months of uncertainty and pricing decreases the detached market has taken a massive step forward.
- In the last 12 months detached home's benchmark price has increased $115,200.
- In the last 30 days the benchmark price has seen a substantial $49,000 increase.
- The detached market is now close to reaching peak 2023 pricing. If March sees even 50% of the pricing increase that February saw the 2024 market would already surpass 2023's pricing a meer three months in.
The first two months of the year have been polar opposites. January was mared with low supply, slow sales, & decreasing prices. February experienced the largest pricing increase since April-May 2023 (the largest single month increase of last year) & saw a large increase to activity.
Detached Home Benchmark Pricing:
- February: $1,282,000
- March: $1,310,300
- April: $1,339,000
- May: $1,392,100
- June: $1,418,300
- 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
•••
Townhouse Market Update:
- After three consecutive months of pricing decreases the townhouse market has seen a minor increase (the was also a small increase in October 2023).
- In the last 30 days the benchmark price has increased $6400.
- Since the 2023 peak the benchmark price for townhouses had decreased $59,700.
- Year over year the benchmark price has increased $31,800 (which is down $11,000 from the January year-over-year increase)
Aside from buyers returning to the market January held the status quo for townhomes. March turned around & saw minor improvements to all three key areas: days on market, number of listings, and total sales.
Townhouse Benchmark Pricing:
- February: $884,700
- March: $898,400
- April: $901,600
- May : $928,900
- June : $962,100
- July: $975,300
- August: $953,700
- September: $944,800
- October: $953,100
- November: $944,100
- December: $913,000
- January: $909,200
- February: $915,600
The thawing period we saw in January is officially over. & it appears as though the market is headed for a very active & early spring
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