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 June 30th and compared with May 25th meaning the findings represent the markets overall shift in the last 36 days.
Click Here for May detached statistics comparison to April
Number of detached listings;
Port Coquitlam: 87 (up 16)
Coquitlam: 211 (up 29)
Port Moody: 66 (up 18)
**As the Tri Cities saw multiple month-over-month pricing increases for the first half of 2023 sellers became more confident. Couple increasing prices with the traditional active season of spring, and you have the makings of a large uptick in supply. It’s not surprising that all three cities saw a sizable increase to their supply over the last 35 days, but that may start to dwindle as we head in to summer. Home’s will continue to sell…but potentially not as many new options will be listed.
List Price:
Port Coquitlam:
High - $4,980,000 (15 acres)
Low - $869,900 (672 SqFt)
Average -$1,865,512 (down $294)
Median - $1,688,000 (down $12,000)
Coquitlam:
High - $10,000,000 (potential townhouse development)
Low - $1,099,000
Average -$2,398,614 (up ~$55,500)
Median - $2,199,900 (up $87,400)
Port Moody:
High - $8,899,000 (10,849 SqFt home)
Low - $1,325,000
Average -$2,788,786 (down ~$171,000)
Median - $2,219,000 (down $124,500)
**The very same pricing increases that got seller excited and ready to list ended up acting as a double-edged sword. Most sellers expected their home to sell exponentially higher than the last listing in their neighbourhood…but that trend could not continue forever and that is reflected in Port Coquitlam and Port Moody’s decrease to both average and median pricing. Ultimately what ended up happening was a slew of price reductions due to listings overshooting past what buyers were willing to pay. While Coquitlam is an outlier its statistics are bolstered by three potential townhouse developments all priced for over $6,000,000. That being said Coquitlam’s increases are strong, and the area is still showing potential for growth.
Days on Market:
Port Coquitlam:
High - 529
Low - 0
Average - 52 (down 8)
Median - 31 (up 9)
Coquitlam:
High - 844
Low - 0
Average - 56 (down 5)
Median - 25 (up 3)
Port Moody:
High - 645
Low - 1
Average - 52 (down 10)
Median - 23 (up 1)
**Overall days on market remain relatively the say with the average decreasing throughout the Tri Cities while the median increases. The end result is fairly even. A median across all three cities of 26.3 days…meaning most listings sell firm within the first few weeks of being listed. Likely those that sit for longer are waiting for a unique buyer, or still attempting to push the price up further.
As spring comes to an end the number of listings in the Tri City area continues to balloon as seller’s are enticed by high sales prices. However, both the average and median price is down in 2/3 of the Tri Cities, potentially indicating that the market has begun to plateau. While days on market remain stable, they may begin to increase as school lets out for the summer. It largely depends on if seller’s will be open to pricing decreases or if they would rather wait.
The big question now becomes…will there continue to be as many new listings throughout the summer as we have seen throughout spring? And if so, can prices really continue to rise, or are we beginning to see the start of a light softening/balancing period?
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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