Monthly 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 13th and compared with July 24th meaning the findings represent the markets overall shift in the last 51 days.
Click Here for July attached statistics comparison to June
Number of attached listings;
Port Coquitlam: 98 (up 22)
Coquitlam: 385 (up 36)
Port Moody: 83 (down 17)
**As we make our way in to Q4 of 2023and edge towards the fall market it is normal to see an uptick in supply. Families are back from holidays, kids are back in school, and buyers are looking to make a move before the cold comes. Port Moody however is outside of the norm as it sees a supply reduction...however the number of homes currently listed is not out of the norm for the area and July saw an unexpected amount of listings for the time of year.
List Price:
Port Coquitlam:
High - $1,599,000
Low - $449,000
Average -$814,892 (up ~$20,500)
Median - $739,500 (up $30,050)
Coquitlam:
High - $2,850,000
Low - $420,000
Average -$944,780 (down ~$20,100)
Median - $858,900 (down $31,100)
Port Moody:
High - $2,229,900
Low - $539,000
Average -$901,296 (up ~$18,200)
Median - $888,000 (up $53,650)
**As our July comparison with June saw the market remain relatively stable with very minor pricing increases, the September statistics once again create a picture of a market edging slowly forward. Over the last 50+ days Poco’s market has seen the most marginal increase potentially due to the style of homes currently listed. Port Moody’s median increased more than $50,000 which is a marked increase. Coquitlam stands as the outlier with both its median and average price dropping. We will have to wait until the next update to see if the Coquitlam market has topped out in terms of pricing or if it simply saw an off month.
Days on Market:
Port Coquitlam:
High - 163
Low - 1
Average - 25 (down 6)
Median -11 (down 3)
Coquitlam:
High - 789
Low - 1
Average - 42 (down 3)
Median - 23 (down 2)
Port Moody:
High - 266
Low - 0
Average - 37 (up 6)
Median - 26 (up 8)
**Both Port Coquitlam and Coquitlam saw a decrease to their average and median days on market which is typical for this time of year. Port Moody’s increase may be a result of its large median price increase.
Now that we are entering the final quarter of the year it is normal for the market to be in transition. Currently the number of listings should be beginning to increase, as days on market begin to decrease. The fall market typically sees a burst of activity (a mini spring) before listings begin to decrease as we head towards Christmas. Both Port Coquitlam and Coquitlam are falling in line with listing increases and decreased days on market; Port Moody appears to be behind in making the same transition. The big question mark for this time of year becomes price. More listings, and more sales do not necessarily mean a pricing increase. So for now we wait to see what the fall market will break.
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!