Port Coquitlam Market:

March 2024 vs 2023 

After February saw frenzied pricing increases across the board, March saw sales increase and supply remain high...while pricing experienced mixed results.

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:

1. How statistics stack up to the previous month's activity.
2. Where we are standing compared to the same time period in 2023.
3. Larger market trends.

•••

Port Coquitlam Benchmark Price Overview:

1. March marks the one year anniversary of all three areas of the market having a higher benchmark price than the previous year.
2. 2024 has seen the real estate market develop outside of normal trends:
1. January saw pricing decreases level off & a return of buyers.
   
2. February saw the return of sellers, sizable pricing increases, and continued buyer activity.
3. March saw increased sales, and pricing volatility as some areas continued upwards and others took a step back.
4. So far April has seen extremely active buyers vie for a small percentage of the most desirable listed homes, while others sit and stack up days on market

The market remains slanting in sellers favour if they have the right product to offer excited buyers.

2023 Comparison:

1. Detached homes are now 6.1% above March 2023 prices representing a $80,000 improvement in a single year; down from the $115,200 improvement between Feb 2024 and Feb 2023.
2. After a massive price increase townhouses are 8.1% above March 2023 prices; previously we saw the gap narrowing as 2023 increases were outstripping 2024.
3. Condos are now only 4.6% up year over year aftering seeing a minor downturn in March; this month's small decrease is far outweighed by February's $37,300 increase.

•••

Overall Supply & Sales Update:

 
Compared to the same time last year supply has (mostly) increased:

• Detached: +45.5% (ample supply likely contributed to price decrease)
• Condo: -1.4%
• Townhouse: +9.1%

When March supply is compared to February:

• Detached: 3 more listings than in February
• Condo: 2 less listings than in February
• Townhouse: 1 more listing than in February

Compared to the same time last year sales have (mostly) increased:

• Detached: -7.1%
• Condo: +51.7%
• Townhomes: +72.7%

Across the board sales have increased month over month (compared to Feb):

• Detached: 11 more sales than February
• Condo: 12 more sales than February
• Townhouse: 3 more sales than February

••• 

Detached Market Update:

After 5 months of uncertainty and pricing decreases the detached market saw a massive uptick in February before March saw buyers recoil from the pricing jump.

1. In the last 12 months detached home's benchmark price has increased $80,000.
2. February saw a substantial $49,000 increase.
   
3. In the last 30 days the benchmark price for detached homes decreased $21,500.
4. Over the last 60 days however the benchmark price is still up $27,500.
5. The March 2024 benchmark price is $42,200 below 2023 peak pricing.

Detached Home Benchmark Pricing:

1. March: $1,310,300
2. April: $1,339,000 
3. May: $1,392,100 
4. June: $1,418,300
5. July: $1,424,600
6. August: $1,438,600
7. September: $1,408,000
8. October: $1,386,100
9. November: $1,373,800
10. December: $1,377,800
11. January: $1,368,900
12. February: $1,417,900
    
13. March: $1,396,400

•••

Townhouse Market Update:

1. February saw a small pricing increase of just $6,400. This was the first time the townhouse market saw an increase since October 2023 experienced a $8,300 increase over September.
2. For the second month in a row the townhouse market has trended upwards. In the last 30 days the benchmark price has increased $47,400.
3. The March increase dwarfs the largest increase the market saw in 2023: May-June 2023 saw a  $33,200 increase.
4. Townhouses are now just $12,300 below the 2023 market peak.
5. Year over year the benchmark price has increased $72,100.

March saw days on market hold steady while prices soared and both supply and sales saw minor month-over-month increases.

Townhouse Benchmark Pricing:

1. March: $898,400
2. April: $901,600
3. May : $928,900 
4.  June : $962,100
5.  July: $975,300  
6.  August: $953,700
7.  September: $944,800
8. October: $953,100
9. November: $944,100
10. December: $913,000
11. January: $909,200
12. February: $915,600
13. March: $963,000

The 2024 market is doing its best to keep both buyers and sellers on their toes. While it continues to change rapidly it remains strong. There are ample buyers actively looking for homes...and while some homes sit...the right ones are selling in multiple offers.

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