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 October 31st and compared with September 13th meaning the findings represent the markets overall shift in the last 49 days.
Click Here for September attached statistics comparison to July
Number of attached listings;
Port Coquitlam: 99 (up 1)
Coquitlam: 487 (up 102) --there have been 85 new construction listings since September 14th
Port Moody: 78 (down 5)
**Last update we saw a semi large change in stock across the board as summer saw one last push by sellers to move their homes while the weather held. Conversely in the last 49 days both Poco and Port Moody have remained stagnant in terms of supply. Coquitlam may appear to be the outlier; however, their supply has been largely carried by new construction. Currently there are 129 new construction listings in Coquitlam…85 of which have been listed in the last month and a half. Outside of new construction Coquitlam only saw a 4% increase in listings since we last checked in.
List Price:
Port Coquitlam:
High - $1,399,000
Low - $399,900
Average -$793,068 (down ~$21,800)
Median - $709,900 (down $29,600)
Coquitlam:
High - $2,600,000
Low - $389,900
Average -$915,191 (down ~$29,600)
Median - $829,900 (down $29,000)
Port Moody:
High - $2,229,900
Low - $484,900
Average -$917,126 (up ~$15,800)
Median - $869,450 (down $18,550)
**The fall 2023 market is slow (as reflected by average days on market)…because it is taking longer for properties to sell prices as no longer increasing. In fact, of the last 49 days the entire Tri City area has seen a decrease to it’s median price. While the decrease is by no means substantial it is a strong indicator that the market is cooling after a hot first 6 months, and a stagnant summer.
Days on Market:
Port Coquitlam:
High - 138
Low - 1
Average - 32 (up 7)
Median -26 (up 15)
Coquitlam:
High - 837
Low - 1
Average - 50 (up 8)
Median - 35 (up 12)
Port Moody:
High - 365
Low - 1
Average - 45 (up 8)
Median - 33 (up 7)
**There simply are not as many buyers as there have been so far in 2023. Both average and median days on market are down across the board in the Tri Cities. While the increase is not substantial, all statistics have increased by at least a week. There is a potential that these numbers will see a slight decrease as properties move in a (potentially) busy November burst before dropping off again in December/January…if November does not see a brief spike in sales sellers may be in for a long winter.
While the first days of fall seemed to promise a mini burst of activity for the Tri City market things have really dropped off since our last check in, and it seems as though the market is heading towards an early winter cooling period. For the most part prices are down, days on market are up, and the number of new listings (aside from Coq new construction) has slowed. Traditionally there are roughly—up to—six weeks left before the market really withdraws for Christmas and New Years. The question now becomes; will we see a temporary uptick in market activity before buyer/seller focus shifts towards the holiday season? Truly time is running out, and the runway isn’t long for potential new listings…and instead of a market uptick 2023 may bring a prolonged slow period coupled with slowly decreasing prices as buyers hold off in hopes of lower interest rates and the hope of a cheaper 2024.
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.
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