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 August 1st and compared with June 30th meaning the findings represent the markets overall shift in the last 32 days.
Click Here for August detached statistics comparison to June
Number of detached listings;
Port Coquitlam: 89 (up 2)
Coquitlam: 215 (up 4)
Port Moody: 61 (down 5)
**After a busy spring season that saw a large uptick in supply across the Tri City area summer doldrums have set in. While the market is still active it is experiencing a very traditional mid-summer cooling period. As home’s sell, new listings continue to keep the market at a relative equilibrium, but sellers are no longer flooding the market. If the market were to continue to follow a traditional seasonal flow listings should see another increase by the end of September.
List Price:
Port Coquitlam:
High - $4,980,000 (15 acres)
Low - $869,900 (672 SqFt)
Average -$1,811,876 (down $53,636)
Median - $1,648,000 (down $40,000)
Coquitlam:
High - $10,000,000 (potential townhouse development)
Low - $1,288,000
Average -$2,422,993 (up ~$24,400)
Median - $2,228,000 (up $28,100)
Port Moody:
High - $7,998,000 (waterfront)
Low - $1,399,000
Average -$2,802,991 (up ~$14,200)
Median - $2,298,000 (up $79,000)
**Port Coquitlam is now seeing its second round of pricing decreases to both its median and average price: the June 30th update also saw a decrease to both statistics. Between December 2022 and June 2023 Poco saw an increase of $141,300 to its benchmark price…a relatively small increase to both stats during the summer months isn’t a negative sign of things to come. Both Coquitlam and Port Moody saw increases over the past 30 days. Port Moody’s is rebounding after the June 30th update saw both numbers decrease, and Coquitlam’s increase is small enough to simply be due to the style of home’s listed this month. On the whole prices are more stable than they have been for the first half of 2023.
Days on Market:
Port Coquitlam:
High - 561
Low - 0
Average - 63 (up 11)
Median - 33 (up 2)
Coquitlam:
High - 876
Low - 1
Average - 71 (up 15)
Median - 41 (up 16)
Port Moody:
High - 677
Low - 5
Average - 61 (up 9)
Median - 36 (up 13)
**The market slows down in the summer. Kids are out of school, people are on holidays, and the sunny weather has everyone distracted. It isn’t surprising that days on market have increased across the board in the Tri Cities. Poco saw the smallest increase, potentially because its prices saw a decrease. That being said none of the increases are substantial, or shocking.
Fewer new listings that previous month’s updates, increased average/median days on market…and more middling pricing adjustments; the summer market is now in full swing. Port Coquitlam stands as the outlier with a rare back-to-back month of pricing reductions and relatively stable days on market. The stabilizing force that is the summer market is potentially a welcome sign for both buyers and sellers who no longer must contend with a frenzy when entering the market. Traditional is a perfect way to define the current market trend.
Now we wait to see if things will begin to pick back up again as we reach the second half of September.
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.
Let our knowledge and expertise ease your mind, so you don't have to stress over the details. We are here to make your life easier!