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 March 7th and compared with January 24th meaning the findings represent the markets overall shift in the last 42 days.
Click Here for January detached statistics comparison to November
Number of detached listings;
Port Coquitlam: 59 (up 12)
Coquitlam: 151 (down 16)
Port Moody: 38 (down 2)
**With the exception of Port Coquitlam market activity is down across the Tri Cities; however there has only been a marginal decrease. All-in-all supply remains similar to the end of January.
List Price:
Port Coquitlam:
High - $3,400,000
Low - $845,00
Average -$1,727,871 (down ~$153,500)
Median - $1,499,000 (down $200,000)
Coquitlam:
High - $5,000,000
Low - $918,800
Average -$2,290,621 (up ~$61,000)
Median - $2,099,900 (up $51,900)
Port Moody:
High - $8,899,000 (10,849 sq. ft. home)
Low - $1,249,000
Average -$2,698,426 (up ~$192,602)
Median - $2,081,500 (down $82,500)
** Poco was the only city that saw a decrease to both its average and median price over the last forty two days. However, Port Coquitlam's MLS Benchmark Price increased month over month from January to February so the decrease above may simply be due to the particular homes which were listed at the time of compiling statistics. Coquitlam was the only city to see both is average and median price increase; while Port Moody saw a sizable average increase and a median decrease indicating that there are currently a handful of really expensive listings...but on the whole listing prices have not skyrocketed.
Days on Market:
Port Coquitlam:
High - 678
Low - 1
Average -94 (down 17)
Median - 32 (down 53)
Coquitlam:
High - 729
Low - 0
Average - 86 (down 6)
Median - 43 (down 24)
Port Moody:
High - 530
Low - 1
Average - 64 (down 19)
Median - 39 (down 11)
**Median and average days on market are down across the board which means that the market is picking up speed. Notable Port Coquitlam saw a 53 day decrease to median days on market which more than cut the previous median in half. It appears that the Tri City area may be gearing up for spring.
Rocky Point Park - City of Port Moody Over the last forty two days the most substantial change to the Tri City moarket has been days on market. All three cities say a decrease to both average and median days on market which may indicate that the market is picking up as we move towards spring. Rounding out the average supply remains largley the same . As for price, Coquitlam stands out as the leader for increase over the last 42 days...Port Coqtuitlam and Port Moody both saw some downward motion...although the change may simply come down to the particular stock that is currently on the market.
Regardless of how you look at it the market is in transition. It is stull currently a buyers market, but we are beginning to see multiple offers return as buyers become more active. The question is now...how will the 2023 spring market stack up to years past? Will the shift be strong enough to propel the market closer to being balanced?
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!
Your Neighbourhood Experts
Looking for more information on the Tri Cities housing market CLICK HERE to contact us!