Community SnapShot Series – Coquitlam

Day 7 – Coquitlam

Seven days remain in this the month of September 2010.

In this Count Down series we will in the next 7 days visit seven communities that are part of the Vancouver Real Estate market. We will visit the Coquitlam, Burnaby, Vancouver East, Vancouver West, North Vancouver, West Vancouver and Richmond markets. The objective, to try and get a sense of where the market is headed.

Allowing for as fair a representation as possible, these community snapshots were recorded on the same day, September 25, 2010. The snapshots will compare the periods of July 26/2010 – August 25,/2010 and August 26/2010 – September 25, 2010.

As we set out on our quest grab your pencils, your coffee, your opinions and follow along in the exploration of the ups and downs of the detached home market.

We begin the Count Down series with the Coquitlam detached market.

During the two periods noted above detached properties in the Coquitlam community had the following tabulated result.

Listings

Total Listings decreased from July/Aug’s 601 to Aug/Sept’s 585.

Sales

North Road – Michael Huang

Sales decreased Jul/Aug’s 64 to 39 in Aug/Sept.

Expired, Reductions, Increases, Days on Market

  • Jul/Aug had 45 listing mandates expire which increased to 52 in Aug/Sept.
  • Price reductions in Jul/Aug were 197 slowing to 179 in Aug/Sept.
  • There were 7 price increases in Jul/Aug and 5 in Aug/Sept.
  • The time it take to sell a home has lengthened. It took an average of 50 days to sell a home in Jul/Aug. That increased to 60 days in Aug/Sept.

Average and Median Prices

  • Jul/Aug’s Average Ask price was $702,901. The Average Asking price decreased in Aug/Sept to $695,303.
  • The Median Asking price in Jul/Aug was $646,900. The Median Ask price increased to $649,900 in Aug/Sept.
  • The Average Sold price in the Jul/Aug was $677,945. In Aug/Sept this dropped to $673,725.
  • The Median Sold price in Jul/Aug was $631,950. In Aug/Sept the Median Sold increased to $637,000.

Burnaby

Tomorrow we move along to Burnaby. Can we expect any similarities?

About Larry Yatkowsky

Larry is a recognized real estate expert. A veteran professional, his experienced counsel leads Vancouverites in his west side community to place their trust in a man passionate about his work. Uncompromising ethics bring a balanced approach to realizing your real estate dreams.

When Life Moves You - contact Larry:

*Disclaimer: Statistics Courtesy REBGV. While believed to be accurate they are not guaranteed.
**Numbers provided may vary as they are dynamically posted by the REBGV.

Reader Comments:

Boombust Says:
September 25th, 2010 at 4:01 pm

Coquitlam certainly is “sluggish”. I drive by stale listings all the time.

Duh, you’d think some of them would lower their “wishing prices” and respond to what is a clearly a different market from a year ago.

September 25th, 2010 at 5:17 pm

@boom
doesn’t look like it.
What do you say to this? Do you think buyers like you will reach a point where they accept that it is what it is and decide to move on with life and buy?

Boombust Says:
September 25th, 2010 at 6:01 pm

“Move on with life and buy?”

Things are rolling along quite nicely…as if I would be dumb enough to buy at absurd prices. Come now.

Remember…I don’t NEED to buy, but some vendor may NEED to sell.

No rush. I think time is on MY side.

September 25th, 2010 at 6:09 pm

@Boom
sorry that wasn’t meant to be a shot across your bow.

What if it isn’t a matter of need but more a matter of want – by which I’m talking financial comfort levels. Do you think this might explain the ‘sluggishness’?

Boombust Says:
September 25th, 2010 at 6:39 pm

Well, I guess myself and others can just grin and bear it.

Who needs to worry about buying an overpriced property and then getting a HUGE case of buyer’s remorse afterward?

Melville Says:
September 25th, 2010 at 7:03 pm

I think this is one of the pervasive myths that sellers and many of their realtors will cling to until at least the sixth inning of this thing: that there are a bunch of qualified, interested first-time buyers out there that just need to be smoked out of their holes.

I am simply not convinced that these buyers exist, at least not in the numbers required to sustain current prices.

bbcoq Says:
September 25th, 2010 at 9:38 pm

Say it one more time-nicer houses, priced right seem to sell. Saw a nice one 2 weeks ago in Baker Drive area-open house, multiple offers-was priced right and sold. Next street over, not as nice, priced too high, older listing-still sitting.
I will say this-lots of move up buyers in Tri-cities-I know as I am one ofthem and the inventory here-lots of starters and lots of higher end stuff-not much “move up” inventory and lots of move up buyers.

Mike Says:
September 25th, 2010 at 11:54 pm

Don’t buy in Coquitlam.

I’ve lived here a few years and now hate it. In the older southern and western parts, former family neighbourhoods are getting rundown with shady characters everywhere. The new large houses are really small apartment buildings with three units in them. Older crackhouses are full of various riffraff. There is no sense of community around here except when people gather outside to see the latest grow-op fire. Surrey is cleaning house and apparently sent its trash here.

North Coquitlam? Looks like a hellish American suburb. Malls, wicked traffic and big ugly, trashy McMansions on the mountain above it.

We’d move but my wife wants to be very close to work. It is a constant subject of discussion.

bbcoq Says:
September 26th, 2010 at 9:49 am

I think you must live in an area of Coquitlam I do not-my neighbourhood around Mundy Park is filled with families and empty nesters who have lived here 30 plus years. You must live close to North Road.
All real estate is local!

Mike Says:
September 26th, 2010 at 11:52 am

The housing in your area is newer so still has the original owners in many cases. Or at least people lived there the 30+ years. Watch what happens when those folks sell (or their estates sells). You better hope a nice family can afford it. Otherwise, it gets bought by some distant investor who can’t afford to rent it as a single family home (only fetches $1500-2000) so fills it with an assortment of welfare crackheads. Maybe the distance from the skytrain will save your hood. We’ll see…

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