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 Aroeil 12th and compared with March 7th meaning the findings represent the markets overall shift in the last 36 days.
Click Here for March detached statistics comparison to January
Number of detached listings;
Port Coquitlam: 57 (down 2)
Coquitlam: 187 (up 36)
Port Moody: 42 (up 4)
**Both Poco and Port Moody have experienced fairly stable supply since we last collected stats 36 days ago. Only Coquitlam has begun to show the traditional uptick associated with a strong start to the spring market. We will have to see if both Poco and Moody follow Coquitlam's lead as we progress further in to the regular 'busy' season.
List Price:
Port Coquitlam:
High - $3,999,900
Low - $899,900
Average -$1,753,455 (up ~$15,600)
Median - $1,589,000 (up $90,000)
Coquitlam:
High - $6,480,000 (10,000 sq.ft. home)
Low - $959,000
Average -$2,261,341 (down ~$29,300)
Median - $2,100,000 (up $100)
Port Moody:
High - $8,899,000 (10,849 sq. ft. home)
Low - $1,398,000
Average -$2,783,957 (up ~$85,500)
Median - $2,293,900 (up $212,500)
**The median price for detached homes in the Tri City area has universally increased. The median price has increased roughly $100,800 when you look at the entire area. The size of the increase is slightly inflated because the homes which currently populate the market are higher priced, more niche, properties. More traditional homes (at lower price points) tend to sell more quickly and therefore are not contributing to the current median. Port Moody currently had 15 listings over $2,400,000, five of which are over $4,000,000. Price wise Coquitlam’s market has remained the most stable since we last checked in 36 days ago.
Days on Market:
Port Coquitlam:
High - 714
Low - 0
Average - 101 (up 7)
Median - 49 (up 17)
Coquitlam:
High - 765
Low - 0
Average - 69 (down 17)
Median - 24 (down 19)
Port Moody:
High - 566
Low - 1
Average - 62 (down 2)
Median - 28 (down 11)
**Days are market should traditionally be decreasing as we move further into spring. So far Coquitlam is the only area to show a real springtime drop in days on market. Port Moody's market is picking up speed, but it is not there yet. This correlates with the number of new listings in both areas. Coquitlam has seen the largest uptick in new listings over the last 36 days...and the largest decrease in days on mark. Conversely Poco is the only area to see less listings in mid April than mid March...for this reason days on market have increased. Most of the desirable listings in Poco have sold, and the ones that remain are waiting for a specific buyer. The mass appeal properties quickly vanished with no new listings to replace them.
The last 36 days have been positive for the Tri City market. On the whole sales are increasing, prices are edging forward, and days on market are dropping. Both buyers and sellers are becoming (slightly) less wary of future economic turbulence and the spring weather is coaxing them back towards normalcy. Generally speaking markets are picking up faster than economists predicted. While Coquitlam has shown the largest burst in activity, Port Moody has shown a large increase in luxury listings, and Port Coquitlam’s low supply continues to benefit sellers as we see the return of multiple offers.
Nothing is set in stone…but spring 2023 is off to a good start for detached homes in the Tri City area.
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!
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