Coquitlam Real Estate Snapshot

Community Series Coquitlam

The change in the seasons seemed an appropriate time to have a look at the ebb and flow of the community numbers. For the next few days we will have a look at the market progress of the major communites in the Greater Vancouver area.

All communities are canvassed from MLS® data on the same day, September 23,2011. We begin with Coquitlam’s detached market.

Two periods are explored – July 24,2011 to August 23, 2011 and August 24, 2011 to September 23, 2011 to produce the following results.

Listings

Total Listings decreased from Jul/Aug’s 324 to Aug/Sept’s 584.

Sales

Anticipated was the drop in sales as Jul/Aug’s 95 sales dropped to 46 in Aug/Sept.

Expired and Days on Market

  • Jul/Aug had 30 listing mandates expire which increase to 36 in the Aug/Sept period.
  • The time it took to sell a home in Coquitlam increased by one day. In Jul/Aug it took on average 33 days while in the latter period it took 34 days.

Average and Median Prices

  • Jul/Aug’s Average Ask price was $798,846. The Average Asking price dropped to $707,924 in Aug/Sept.
  • The Median Asking price in Jul/Aug’s was $759,900. The Median Ask price decreased to $750,000 in Aug/Sept.
  • The Average Sold price in the Jul/Aug was $781,145. In Aug/Sept this figure reduced to $695,710.
  • The Median Sold price in Jul/Aug was $750,000. In Aug/Sept the Median Sold dropped to $672,000.

Falling Leaves

Now recorded in the board’s historical annal’s is that August was Vancouver’s 3rd lowest month of sales in a great number of years. While many Realtor® types will tell you that the best selling periods are the spring and fall it is beginning to look like the leaves may be falling and we may be replicating the pattern seen last year where overall inventory sky rocketed and sales slowed.

Once again the path may be a market where well maintained homes in good locations prove to be the winners. Anticipated is to see inventory continue to climb for the next 30 days to be followed by many expired mandates, outright cancellations or drastic price drops. Price drops of great magnitude are not expected however, there is a caveat. The chaos of our economic world may have a trickle down effect from huge losses that may force offloading marginal properties carrying large mortgages.

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:

Moleskin Says:
September 23rd, 2011 at 5:13 pm

Thanks Larry.
I think that should be “annals” (sorry to be so anal)

Jeff Murdock Says:
September 23rd, 2011 at 5:38 pm

Careful with your “anal’s” and “annals”. I guess I’m the anal one.

September 23rd, 2011 at 5:54 pm

@jeff @moleskin

thanks to both of you for pointing that out. Now corrected.

Boombust Says:
September 23rd, 2011 at 9:00 pm

Larry, I see a lot of SFH’s stagnating and even with “meaningful” price reductions…still no movement. (as in SOLD) in Coquitlam.

The condo market is toast. There is so much inventory coming online…particularly near Coquitlam Centre. Ghost Towers dot the sky.

Second hand units don’t stand a chance. The builders/developers can undercut them easily on the new builds.

We are seeing a full blown crash in the making…

It was only a matter of time. That is now, IMO.

September 23rd, 2011 at 9:23 pm

@boom
“It was only a matter of time. That is now”
boom – that statement is a little too excited from my perspective.

Here’s an odd twist that I don’t yet understand.
In the past two weeks this blog has had notable flurry of offshore Chinese (Shanghai and Bejing urls) email subscribers sign up. The volume of subscriptions made me think I was being spammed yet all the emails check out. What make you of that bit of off topic trivia?

specialfx3000 Says:
September 23rd, 2011 at 10:00 pm

From your pic, it is very easy to mistaken you for a Chinese realtor. 🙂

Or they think you’re Cam Good’s handsome cousin.

September 23rd, 2011 at 10:05 pm

@special

ROFLAO!
Of course that must be the reason. Now to complete the transformation with a name change. How about Mr. Yat. 🙂

Reggie Says:
September 23rd, 2011 at 10:25 pm

Larry,

It could be Chinese RE bears who find your data very useful, like many of us here do – could be, I dunno.

Boom, you might be right, this could be IT.

September looks like an ugly month for the markets. Coquitlam, wowee, this looks BAD!

thanks Larry, very interesting data for very interesting times we live in.

RL

Boombust Says:
September 24th, 2011 at 2:16 am

“In the past two weeks this blog has had notable flurry of offshore Chinese (Shanghai and Bejing urls) email subscribers sign up…”

I guess they want to have front row seats to a crash in the making.

fish10 Says:
September 24th, 2011 at 8:43 am

Larry this is why

http://www.businessinsider.com/china-subprime-wenzou-bankrupt-2011-9

Where else could they go where they wont be prosecuted, extradited and no-one asks where they got their money from.

September 24th, 2011 at 11:47 am

@fish
too much responsibility for me

DCheng Says:
September 24th, 2011 at 2:57 pm

Hi Larry,

I’ve been looking into buying a house in the Tri-cities area. According to your graph I should wait a few months, is that right? It looks like median prices are dropping by $80K / month.

When do you think it will level off to get a good deal?

thanks!

bbcoq Says:
September 24th, 2011 at 8:47 pm

Following the Coq market closely as I do-I can tell you the affordable houses are still moving-the higher end stuff-deadsville and sitting-as is the same stuff that comes up every year or two. Coquitlam is way overbuilt for condos and has been for awhile. If Evergreen line ever gets built-different story.
What I find of interest is there are, all of sudden, an increased suplly of houses I might look at-wheras usually there is very little.

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