There's no housing gold rush this spring.
But listings, sales and prices for single family homes are inching up in Coquitlam, according to March statistics from the Real Estate Board of Greater Vancouver (REBGV).
There were 110 detached homes listed in March, compared to 61 in February — an 80.5 per cent increase.
The boost in the local housing market is also reflected in sales of single-family homes to 59 from 34 in February — a 73.5 per cent hike — suggesting greater interest in this housing form.
Prices also rose slightly, up 2.4 per cent compared to February, with buyers shelling out an average $1.7 million for a single-family home.
Some new homes added to the market in the last two weeks are hoping to capitalize on this trend.
One home, for example, located at 1404 Pipeline Pl. in the Hockaday neighbourhood, is still under construction.
But this 4,133-sq.ft., six bedroom, 6.5 bath "modern farmhouse," including a two-bedroom legal suite and media room, is listed for nearly $2.5 million.
This home will feature custom designer finishes, and air conditioning as well as radiant heating.
It's listed on REW.ca by Aly Sach of Royal LePage West Real Estate Services.
However, overall the market is still down compared to January to March of 2022, with fewer sales of single family homes (54%), townhouses (39.5%) and apartments (48.7%) compared to last year.
Sellers still sitting on the sidelines
“If home sellers remain on the sidelines, monthly MLS sales figures will continue to appear lower than historical averages as we move toward summer,” stated Andrew Lis, REBGV’s director of economics and data analytics, in a news release.
“But it’s important to recognize the chicken-and-egg nature of these statistics. The number of sales in any given month is partially determined by the number of homes that come to market that month, along with the inventory of unsold homes listed in previous months.
"With fewer homes coming on the market, homes sales will remain lower than we’re accustomed to seeing at this point in the year, almost entirely by definition.”
Still, Lis is surprised by a trend toward higher home prices given challenges facing the economy.
Slight increase in home prices
“On the pricing side, the spring market is already on track to outpace our 2023 forecast, which anticipated modest price increases of about one to two per cent across all product types,” Lis said.
“The surprising part of this recent activity is that these price increases are occurring against a backdrop of elevated borrowing costs, below-average sales, and new listing activity that continues to suggest that sellers are awaiting more favourable market conditions."
In Coquitlam, prices increased slightly for apartments and town homes, as well as single-family homes.
- Detached = $1,735,300 (up 2.4%)
- Townhomes = $1,016,900 (up 1.7%)
- Apartments = $665,600 (up 0.4%)
Townhouse listings drop
Meanwhile, it might be tougher to find a townhouse in Coquitlam as the number of listings dropped 1.9 per cent in March, compared to February, with only 51 new listings.
However, apartment listings increased 26.8 per cent to 142 in March, from 112 in February.
