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.
Coquitlam Market Update Overview:
Benchmark prices are down across the board in Coquitlam between 9.7-10.9% compared to thier 2022 counterparts.
April marks the first time in four months that the gap between 2022's prices have reduced for both townhouses and condos. The detached gap is still rising.
Townhouse:
The March 2023 benchmark price was 11.1% below March 2022
The April 2023 benchmark price was 9.7% below March 2022
Condo:
The March 2023 benchmark price was 7.8% below March 2022
The April 2023 benchmark price was 6.6% below March 2022
Overall Supply Update:
Compared to the same time last year supply has decreased across the board:
Detached: -31.2%
Condo: -24.6%
Townhomes: -9.0%
However, when you compare supply to March 2023 there has been more of a variable 30-day shift in available properties.
When compared to March 2023:
Detached: 6 less listings in April
Condo: 9 less listings in April
Townhouse: 9 more listings in April
Overall Sales Update:
Compared to the same time last year sales have decreased across the board:
Detached: -23.9%
Condo: -33.1%
Townhomes: -2.9%
The gap between April 2023-2022 is much smaller than the gap between March 2023-2022. The market is showing signs of renewed growth.
However when you look at sales from a month-over-month perspective, the market shows signs of positivity and growth:
Detached: 8 more sales than March
Condo: 7 less sales than March
Townhouse: 9 more sales than March
Overall Market At A Glance:
While the market still lags behind where it sat at the same time in 2022 it is now showing signs of closing the gap and moving forward on positive footing.
Detached Market Update:
April marks the third consecutive month that detached home's benchmark pricing has risen after a nine month continuous decline.
The rate of pricing decline has begun to drastically slow down.
The benchmark price for detached homes increased $12,600 in the last 30 days.
Over the last 60 days the benchmark price has increased $53,900.
Despite prices beginning to rise over the last three months the April benchmark for detached homes is still $213,900 below its 2022 counterpart.
This is the fifth consecutive month that the benchmark price has been below is previous year's counterpart.
Detached Home Benchmark Pricing:
August: $1,794,700
September: $1,779,200
October: $1,750,400
November: $1,728,400
December: $1,698,400
January: $1,689,900
February: $1,694,000
March: $1,735,300
April: $1,747,900
Townhouse Market Update:
The townhouse benchmark price is now $111,700 below April 2022.
This is the fifth consecutive month that prices have dipped below the previous year's benchmark, but the third consecutive month of monthly pricing increases.
Townhouse benchmark pricing has increased $20,700 in the last 30 days.
The rate of increase seems to be growing as the previous 30 day jump (February to March) was only $17,000.
Over the last 60 days the benchmark price has increased $37,700.
October: $1,014,600
November: $994,300
December: $978,400
January: $975,600
February: $999,900
March: $1,016,900
April: $1,037,600
The benchmark price has now surpassed where it was 6 months ago.
SNAPSHOT:
2023 has now proven a trend of pricing increases
Compared to April 2022 supply both supply and sales are down. Compared to March 2023 there has been only minor fluctuations.
Sellers market.
