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:
April 2023 marked the third consecutive month that all three areas of the market have a lower benchmark price than the previous year.
However, April also marked the third consecutive month that all three segments of the market have shown month over month pricing increases.
Condos are now 5.2% below April 2022 prices, and townhomes are 12.6% below the previous year.
Detached homes are 13.0% below April 2022 prices which is a 3.2% improvement over the gap between March 2023 & 2022. The year-over-year gap is now under $200,000.
Overall Supply Update:
Compared to the same time last year supply has decreased across the board:
Detached: -38%
Condo: -8.8%
Townhomes: -21.1%
When April 2023 supply is compared to March 2023:
Detached: 3 less listing than in March
Condo: 17 more listings than in March
Townhouse: 7 less listings than in March
Overall Sales Update:
Compared to the same time last year sales have taken a steep tumble across the board:
Detached: -44.4%
Condo: -12.8%
Townhomes: -54.5%
Compared to March 2023 sales maintained. They have fluctuated, but with no dramatic changes:
Detached:8 less sales than March
Condo: 12 more sales than March
Townhouse: 4 more sales than March
Detached Market Update:
April marks the fourth consecutive time that prices for detached homes have increased month-over-month.
It has now been 1/3 of a year that pricing increases have persisted. A new market pattern of detached home pricing increases has arrived.
In the last 30 days the benchmark price has increased $28,700.
In the last 60 days the benchmark price for detached homes has increased $57,000.
Prior to the last 60 days pricing increases had been substantially smaller each month. Increases have only truly picked up since spring began.
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
March: $1,310,300
April: $1,339,000
Townhouse Market Update:
The benchmark price for a townhome is $129,800 lower than the same time last year, but $3200 higher than March 2022.
While the price increase over the last 30 days has been very marginal, in the last 60 days the benchmark price for detached homes has increased $16,900.
April marks the fifth consecutive month that townhomes have seen a pricing increase; unlike detached homes pricing increases with townhomes have been much smaller, potentially hinting that the market is closer to stabilizing than it is with detached homes.
Townhouse Benchmark Pricing:
September: $910,400
October: $892,300
November: $869,000
December: $870,000
January: $879,100
February: $884,700
March: $898,400
April: $901,600
SNAPSHOT:
Month over month the market continues to improve in 2023, & detached homes take the lead in price increase.
Market pricing remains down year-over-year.
Supply is down month-over-month.
