East of Moody
Posted June 15th, 2010 in Coquitlam, Neighbourhood SnapShot | 
Beyond Port Moody
YatterMatters gets requests. One request was for a neighbourhood snap shot of the real estate market for detached homes in Coquitlam.
Not to be confused with Port Moody or Port Coquitlam, Coquitlam is a city boasting a population of over 100,000 and is BC’s 5th largest city. According to the City’s web site it is a city of “many parks, affordable housing, broad range of recreational programs and facilities, and citizen-focused approach for a growing residential community. Coquitlam is known as a City of Choice thanks to its many business and recreational opportunities, beautiful parks, rich culture and heritage and many other features.”
Coquitlam Detached
For the period covering April 15, 2010 to June 14, 2010 Coquitlam’s Detached detached homes experienced the following market activity.
Listings
Listings dipped from 717 in April/May to 664 in May/June.
Sales
Sales dropped! April/May registered 107 sales. May/June recorded a dismal 46 – down by more than half.
Expired, Reductions, Increases, Days on Market
- April/May saw 29 listing mandates expire which climbed to 37 in May/June.
- Price reductions in April/May were 217 settling in at 207 in May/June.
- Eleven positive thinkers increased their asking price in April/May and were joined by 5 more for a total of 16 in May/June.
- It took 28 days in April/May to sell a home. It took much longer to sell a home in May/June as the days on market stretched to 37.
Average and Median List Price/Sold Price
Average List price
- April/May – $711,315
- May/June – $730,780
Median List price
- April/May – $678,000
- May/June – $686,500
Average Sold price
- April/May – $689,962
- May/June – $718,819
Median Sold price
- April/May – $653,500
- May/June – $676,500
Thoughts
The drop in the number of sales is in keeping with other areas albeit more dramatic in Coquitlam. The pattern of price drops is also in keeping. With medians placing higher than the average suggests that the price range of sales may be an indicator that higher quality homes within that price group are the ones that sell. In short, buyers are prepared to pay more for a great house as opposed to the balance of not so great houses that are on the market.
It cannot be mentioned enough times. If you are selling, prepare your home to be the best it can be. If that means you need to hire a stager to help you get it ready for sale, it might be the best money you ever spend. You won’t get a second chance with a buyer who is serious. With over 600 listings from which to choose, there is a lot of competition.
Repair those items that need repairing. Sellers should consider eliminating as many road blocks to a sale as possible. Got an oil tank – remove it before buyers turn up for a viewing. Got roof issues – replace it now. Not sure what is wrong – have it inspected and provide that inspection to the buyers for their perusal. It never hurts to disclose. Nobody, especially today’s buyer, likes surprises.
“The pattern of price drops is also in keeping. With medians placing higher than the average suggested is that the price range of sales may be an indicator that higher quality homes within that price group are what is sells”
Or, Larry, as the boom unwinds and sales slow, the Greater Fools are still paying premium prices which skews the average and median prices.
A typical pattern.
@boombust
currently that seems to be the case. The challenge before us is to find that moment just before it reverses its course. That way you can say you bought at the bottom of the market!
Larry, well said! It is indeed difficult to pick a reversal so far in the future… 2020-2030 or so.
@beard of bees
2020 – 2030? Did I miss something? What justification is there for that spirited forecast?
L: Far too much debt out there (personal and government)-will take some time to work it off.