Monthly Tri City Detached Home Review Comparison:
The Tri Cities are an informal grouping of the three adjacent cities of Coquitlam, Port Coquitlam, and Port Moody. The Tri Cities also includes the two villages of Anmore and Belcarra. The entire area is located in the northeast sector of Metro Vancouver, and combined, these five communities have a population of roughly 234,000 residents. With vibrant culture, abundant natural beauty, a central location, and a drive to continually evolve and elevate...it is a fantastic place to look for a home.
All statistics below were gathered on September 21st and compared with August 1st meaning the findings represent the markets overall shift in the last 51 days.
Click Here for August detached statistics comparison to June
Number of detached listings;
Port Coquitlam: 93 (up 2)
Coquitlam: 232 (up 17)
Port Moody: 75 (up 14)
**After a minor case of the summer blues in August the detached market in the Tri City area has rebounded in terms of new listings. Although the attached market may still be feeling some summer growing pains the detached market is back and firing on all cylinders. While Poco had the most gradual shift in supply it has consistently been more active than other areas in the Tri Cities.
List Price:
Port Coquitlam:
High - $4,980,000 (15 acres)
Low - $869,900 (672 SqFt)
Average -$1,736,596 (down $75,280)
Median - $1,599,900 (down $48,100)
Coquitlam:
High - $8,000,000 (potential townhouse development)
Low - $919,000
Average -$2,378,637 (down ~$44,400)
Median - $2,199,000 (down $29,000)
Port Moody:
High - $9,000,000 (waterfront)
Low - $1,400,000
Average -$3,012,262 (up ~$180,300)
Median - $2,490,000 (up $192,000)
**Port Coquitlam is now seeing its third round of pricing decreases to both its median and average price: between December 2022 and June 2023 Poco saw an increase of $141,300 to its benchmark price. This round Coquitlam experienced its first median/average pricing decline in months, and the change may simply be due to the supply currently on the market. Port Moody took a large leap upwards due largely to a number of new luxury listings; many with substantial properties or waterfront lifesytles.
Days on Market:
Port Coquitlam:
High - 612
Low - 1
Average - 72 (up 9)
Median - 31 (down 2)
Coquitlam:
High - 827
Low - 1
Average - 72 (up 1)
Median - 38 (down 3)
Port Moody:
High - 227
Low - 0
Average - 55 (down 6)
Median - 44( up 8)
**After seeing a unanimous increase to days on market for our last update the Tri City area is entirely split down the middle. The changes are so minor on either end that they balance each other out…the market is still moving at a slower clip than it was during the spring months.
As the summer market draws to a close it seems as though sellers are eager to get fall underway. While the number of listings has increased across the Tri City area days on market have not rebounded from a slow summer—and prices in Poco & Coquitlam are trending downwards. If sellers do not rebound in the same way that buyers have, we may see the emergence of a buyer’s market…however there is still time for a traditional fall market to take form. Meaning increased listings, slightly elevated prices, and lower days on market (a mini spring). Right now, sellers seem to have jumped the gun…the question now is will buyers follow as we move towards October
Are you looking to purchase a detached home in the Tri Cities? Let us know the particular area and style of home you are looking for and we will keep an eye on the market for you and let you know when your perfect home is listed.
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