Community Series – Coquitlam

Community Series Coquitlam

Boxing Day is a day where retailers usually go nuts and put everything on sale at heavy discounts. For some stores it is the make or break day that determines if they will survive with profit or struggle on in the hopes that 2011 will be better.

This month’s community count down series will be visiting 7 areas in 6 days. As usual, we’ll look at the Coquitlam, Burnaby, Vancouver East, Vancouver West, North Vancouver, West Vancouver and Richmond markets. The objective – to get an sense of where Vancouver’s January real estate market is headed.

All communities are canvassed from MLS® data on the same day, December 26, 2010 in order to provide as fair a representation as possible. The snapshot periods are October 26,2010 – November 26,/2010 and November 26, 2010 to December 26/2010. We begin with Coquitlam’s detached market.

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

Listings

Total Listings decreased from Oct/Nov’s 423 to Nov/Dec’s 395.

Sales

As expected at this time of year, sales decreased by almost half from Oct/Nov’s 77 to 39 in Nov/Dec.

Expired, Reductions, Increases, Days on Market

  • Oct/Nov had 35 listing mandates expire slowing to 34 in Nov/Dec.
  • Price reductions in Oct/Nov were 124 slowing to 110 Nov/Dec.
  • There were 5 price increases in each Oct/Nov and 6 in Nov/Dec.
  • The time it took to sell a home in Oct/Nov was 68 days. This reduced slightly to 62 days in Nov/Dec.

Average and Median Prices

  • Oct/Nov’s Average Ask price was $700,428. The Average Asking price increased in Nov/Dec to $702,735.
  • The Median Asking price in Oct/Nov’s was $669,900. The Median Ask price decreased to $658,000 in Nov/Dec.
  • The Average Sold price in the Oct/Nov was $678,729. In Nov/Dec this increased to $688,499.
  • The Median Sold price in Oct/Nov was $658,000. In Nov/Dec the Median Sold dropped to $649,000.

Holiday Thoughts

The Holiday Season in Vancouver can be brutal on real estate numbers. Historically, this month is can be counted on as the deepest part of the ‘V’ in almost every market graph. Expected was that listings and price reductions would continue to recede. Although a slowing in sales was anticipated, the dramatic drop was not as it continues to attain falling star status. The Daily sales numbers for the past week or more, suggested there was an upswing in sales but that didn’t appear to benefit this community market segment.

If a boxing day sale price for Coquitlam homes was on your wish list you were probably disappointed. While prices are slowly heading towards the best buy of the year direction, from the Days on Market perspective, there is no indication that sellers are opening their doors to that event this year.

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.

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