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:
May 2023 marked the fourth consecutive month that all three areas of the market have a lower benchmark price than the previous year.
However, May also marked the fourth consecutive month that all three segments of the market have shown month over month pricing increases.
Condos are now only 3.9% below May 2022 prices, and townhomes are 8.7% below the previous year.
Detached homes are 8.3% below May 2022 prices which is a 3.7% improvement over the gap between April 2023 & 2022.
The year-over-year gap for detached homes is now under $130,000. In March 2023 the gap betwen March 2022's benchmark price was over $250,000. l
That is an improvement of well over $170,000 in just over two months.
Overall Supply Update:
Compared to the same time last year supply has decreased across the board:
Detached: -40.3%
Condo: -29.5%
Townhomes: -53.3%
When May 2023 supply is compared to April 2023:
Detached: 14 more listing than in April
Condo: 11 less listings than in April
Townhouse: 6 more listings than in April
Overall Sales Update:
Compared to the same time last year sales are varied:
Detached: +14.8%
Condo: -9.1%
Townhomes: +11.8%
Compared to April 2023 sales maintained. With only detached homes seeing a dramatic change:
Detached:11 more sales than April (an increase of nearly 60%)
Condo: 1 less sales than April
Townhouse: 4 more sales than April
Detached Market Update:
May marks the fifth consecutive time that prices for detached homes have increased month-over-month.
Prices increases have now persisted for over 1/3 of 2023; a new market pattern of detached home pricing increases has arrived.
The main question is now...what will the summer month's bring? Traditionally the market slows dramatically...but will 2023's market stick to a traditional cycle?
In the last 30 days the benchmark price has increased $37,800.
In the last 60 days the benchmark price for detached homes has increased $81,800.
May marks the third month of large prices increases. Prior to March changes in price were more incremental.
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
May: $1,392,100
Townhouse Market Update:
The benchmark price for a townhome is $88,300 lower than the same time last year.
In the last 30 days the benchmark price has increased $19,700.
In the last 60 days the benchmark price for townhouses has increased $27,300.
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While May marks the sixth consecutive month that townhomes have seen a pricing increase; May is the first month that has seen townhouse's experience a sizable pricing increase. Prior to may increases had been marginal. Now that the benchmark price has once again broken $900,000 the main question is will it once again reach $1,000,000 as it did 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
SNAPSHOT:
May was a strong month for the market.
Month over month the market continues to improve in 2023, & detached homes lead the way in terms of pricing increases.
Market pricing remains down year-over-year.
