Port Coquitlam Market:
April 2024 vs 2023
Much the same as March, April saw the number of sales climb and supply remain high. Unlike March, April saw pricing increases return.
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:
- We have now passed the one year mark of all three areas of the market having a higher benchmark price than the previous year.
- 2024 has seen the real estate market develop outside of normal trends:
- January saw pricing decreases level off & a return of buyers.
- February saw the return of sellers, sizable pricing increases, and continued buyer activity.
- March saw increased sales/supply, and pricing volatility as some areas continued upwards and others took a step back.
- April was marked with generalized growth. More listings, More sale, fewer days on market, & (mostly) increasing prices..
The highest number of active listings seen in Metro Vancouver in years persists,
but buyers remain extremely active as demand drives new listings.
2023 Comparison:
- Detached homes are now 5.4% above April 2023 prices representing a $73,600 improvement in a single year; this is the third consecutive month that the year-over-year gap has decreased:
- $115,200 improvement Feb 2024 and Feb 2023.
- $80,000 improvement March 2024 and March 2023.
- After a massive price increase in March townhouses took a rest month and the gap between 2024 and 2023 prices narrowed from 8.1% to 5.7%.
- Right now condos are seeing pricing increases very similar to those in 2023. Both March and April had a 4.6% gap between 2024 and 2023 pricing despite experiencing a $6,900 price increase over the last 30 days.
Overall Supply & Sales Update:
Compared to the same time last year supply has exploded:
- Detached: +83.3%
- Condo: +40%
- Townhouse: +137.5%
When April supply is compared to March:
- Detached: 17 more listings than in March
- Condo: 8 more listings than in March
- Townhouse: 13 more listing than in March
Compared to the same time last year sales are thriving:
- Detached: +75%
- Condo: +15%
- Townhomes: +40%
Across the board sales have increased month over month (compared to March):
- Detached: 9 more sales than March
- Condo: 2 more sales than March
- Townhouse: 2 more sales than March
•••
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.
- In the last 12 months detached home's benchmark price has increased $73,600.
- February saw a the most substantial pricing increase in over a year. $49,000
- In the last 30 days the benchmark price for detached homes increased $31,500.
- Over the last 60 days however the benchmark price has only increased $10,000.
- The April 2024 benchmark price is now only $10,700 below peak 2023 pricing.
Detached Home Benchmark Pricing:
- April: $1,354,300
- 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
- March: $1,396,400
- April: $1,427,900
•••
Townhouse Market Update:
- 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.
- After two months in a row of trending upwards townhouses took a mini dip in the last 30 days. Down just $1,900
- Over the last 60 days the benchmark price has increased $45,500
- Townhouses are now $14,200 below the 2023 market peak.
- Year over year the benchmark price has increased $51,900.
Townhouse Benchmark Pricing:
- April: $909,200
- 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
- March: $963,000
- April: $961,100
The 2024 market is doing its best to keep both buyers and sellers on their toes. Although supply continues to soar, buyers remain very active. Some homes are selling in multiple offers, and some are beginning to sit for multiple weekends. The market is active...however, it is more complicated than it regularly is in a traditional spring.
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