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 May 25th and compared with April 12th meaning the findings represent the markets overall shift in the last 43 days.
Click Here for April detached statistics comparison to March
Number of detached listings;
Port Coquitlam: 71 (up 14)
Coquitlam: 182 (down 5)
Port Moody: 48 (up 6)
**Once again both Poco and Port Moody have experienced a relatively stable supply. Stable supply has last nearly 80 days now; the duration of our last two statistic collections. Poco however has shown more of a marginal increase in the last 43 days, as it makes up for the fact that its supply was actually down by 2 at the previous check in. After last month’s large supply jump Coquitlam’s supply has fallen off slightly balancing with the rate of the rest of the Tri Cities activity. None of the Tri City area is showing a traditional sizable spring supply influx.
List Price:
Port Coquitlam:
High - $4,980,000 (15 acres)
Low - $899,900
Average -$1,865,806 (up ~$112,400)
Median - $1,700,000 (up $111,000)
Coquitlam:
High - $6,480,000 (10,000 sq.ft. home)
Low - $998,888
Average -$2,343,127 (up ~$81,800)
Median - $2,112,500 (up $12,500)
Port Moody:
High - $8,899,000 (10,849 sq. ft. home)
Low - $1,398,000
Average -$2,959,743 (up ~$175,800)
Median - $2,343,500 (up $49,600)
**In the last 43 days both the average and median price for a detached home in the Tri City area has increased across the board. On average the median price of a detached home increased $56,700, however, that number is inflated because Poco saw an increase of over $100,000…far larger than both Port Moody and Coquitlam. As the ‘cheapest’ area to buy a detached home in the Tri Cities Poco has more room for pricing increases and its median price has increased over $200,000 in the last 79 days. That being said the entire Tri City area continues to show strong month-over-month increases.
Days on Market:
Port Coquitlam:
High - 493
Low - 0
Average - 60 (down 41)
Median - 22 (down 27)
Coquitlam:
High - 808
Low - 0
Average - 61 (down 8)
Median - 22 (down 2)
Port Moody:
High - 609
Low -
Average - 62 (same)
Median - 22 (down 6)
**The entire Tri City area currently has the same median days on market, and all three cities saw a drop in both their median and average over the last 46 days. Port Coquitlam’s drop was the largest, however, it was the only city to see an increase to days on market during March’s check in. Although the median is 22 days this number is an unfair representation as niche listings (developer specials, land assembly, etc) is dragging the number upwards. Most home’s, if priced sharply, are selling much more quickly.
Prices continue to rise in the Tri City area as days on market drop…and supply edges forward. Buyers are still outstripping sellers, and the market continues to be a seller’s market; multiple offers have returned. Although the question now is…how high can prices punch before buyers start to level off and the market begins to balance. Port Coquitlam has seen the most positive increase across the board in the last 43 days but that is only because in March’s check-in it lagged behind the rest of the Tri City area. This time around it is simply catching up.
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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