Tri City Attached 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 September 5th and compared with July 16th meaning the findings represent the markets overall shift in the last 51 days.

Click Here for July 16h attached statistics comparison to April 25th

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Number of attached listings;

• Port Coquitlam: 162 (down 5)
• Coquitlam: 592 (down 21)
  
• Port Moody: 119 (down 14)

1. Supply has been strong for the entirety of 2024.
2. It wasn’t until buyer’s started to pull back in May that supply really started to build up.
3. For the first time in the entirety of 2024 supply has unanimously decreased. It is likely that sellers are finally reacting to the fact that a large segment of buyer’s have withdrawn from the market.
4. Buyer’s are now focusing in on the remaining stock as seller’s allow supply to dwindle before listing their properties.

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List Price:

Port Coquitlam:

• High - $1,548,000 (almosrt 4000 sqft townhouse)
• Low - $389,000
• Average -$787,248 (down ~$8,000)
• Median - $718,440 (down ~$11,500)

Coquitlam:

• High - $2,419,900 (pre-sale penthouse)
• Low - $389,000
• Average -$887,779 (down $5,330)
• Median - $799,000 (down $900)

Port Moody:

• High - $2.299,800 (3bed penthouse)
• Low - $449,900
• Average -$917,889 (down ~$1,400)
• Median - $850,900 (down $24,100)

1. In April prices were up across the board. Spring had kicked in and homes were moving. But the summer doldrums set in early, in mid-May, and prices stagnated.
2. Since June we have seen prices decline, but nothing dramatic. Each month there has been a slight softening.
3. Now that the number of new listings has finally leveled off the remaining supply is likely adjusting their price in order to sell after a lengthy period on market.
4. We now need to wait and see what the new crop of listings arrives at before we can assess a true trend of decline.

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Days on Market: 

Port Coquitlam:

• High -  216
• ​​Low - 1
• Average - 47 (up 13)
• Median -37 (up 10)

Coquitlam:

• High -  1147
• ​​Low - 1
• Average - 57 (up 6)
• Median - 38 (up 3)

Port Moody:

• High -  322
• ​​Low - 0
• Average - 46 (up 13)
• Median - 37 (up 12)

1. In July we reported that the market has slowed down substantially. Again, 51 days later days on market are up. A trend of extended days on market has been set.
2. The beginning of the year was marked by an unusually high average for days on market, and while spring temporarily brought the average down…it popped right back up.
3. Overall 2024 has experienced a relatively slow market.
4. Subject to sale offers are still viable, and a buyer’s power remains high.
5. However, the last two weeks has been extremely active. Summer lows came early this year. Perhaps they ended early as well. We now wait to see if fall activity picks up.

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Overview:

The summer has been slow. Homes are actively selling, but buyer’s want to perceive their purchase as sharp. The one large change is supply. Until recently supply has continued to rise further pushing power towards buyers. We are now seeing supply level off, as prices continue to lightly soften each month.

If sellers hold off for just a while longer supply may dip enough that we head back towards a balanced market. The transition to fall is now underway and buyers are still out there…just in smaller numbers than they were for the first 5 months of the year. Supply and seller eagerness may dictate where we are headed for the remainder of the year.

Are you looking to purchase a condo or townhouse 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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