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:
June 2023 marked the fifth consecutive month that all three areas of the market have a lower benchmark price than the previous year.
However, June also marked the fifth consecutive month that all three segments of the market have shown month over month pricing increases.
Condos are now only 2.5% below June 2022 prices, and townhomes are 1.7% below the previous year.
Detached homes are 0.3% below June 2022 prices which is a 8% improvement over the gap between May 2023 & 2022; and we may see July 2023 surpass July 2022.
The year-over-year gap for detached homes is now just above $10,400. Last month the gap was $126,600.
That is an improvement of over $116,000 in just 30 days.
Overall Supply Update:
Compared to the same time last year supply has decreased across the board:
Detached: -21.8%
Condo: -42%
Townhomes: -47.2%
When June 2023 supply is compared to May 2023:
Detached: 11 more listing than in May
Condo: 1 more listings than in May
Townhouse: 3 less listings than in May
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: -6.5%
Condo: +7.7%
Townhomes: +5.0%
Compared to May 2023 sales maintained steady with no major changes:
Detached:2 less sales than May
Condo: 2 more sales than May
Townhouse: 2 more sales than May
Detached Market Update:
June marks the sixth 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 $26,200.
In the last 60 days the benchmark price for detached homes has increased $64,000.
June marks the fourth month of large prices increases; during those four months prices have increased $136,300.
Prior to March changes in price were more incremental.
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
Townhouse Market Update:
The benchmark price for a townhome is only $16,600 lower than the same time last year.
In the last 30 days the benchmark price has increased $33,200.
In the last 60 days the benchmark price for townhouses has increased $60,500.
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While June marks the seventh consecutive month that townhomes have seen a pricing increase; June is only the second 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
June : $962,100
SNAPSHOT:
Month over month the market continues to improve in 2023.
Townhouses have joined detached homes with large month-over-month pricing increases.
Market pricing is now close to breaking even with the previous year's benchmark.
Let our knowledge and expertise ease your mind, so you don't have to stess over the details. We are here to make your life easier.
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