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 December 14th and compared with October 31st meaning the findings represent the markets overall shift in the last 45 days.
Click Here for September attached statistics comparison to October 31st
Number of attached listings;
- Port Coquitlam: 83 (down 16)
- Coquitlam: 393 (down 94) --last month's update was flooded by a high number of presale listings
- Port Moody: 74 (down 4)
- While our October 31st update, aside from a new development surge in Coquitlam, saw a relatively stagnant level of supply…this time around the entire Tri City area has seen a reduction. Coquitlam saw a dramatic reduction in supply with an extremely active 131 sales since October 31st, and there have not been enough new listing to bring active supply back up to early fall levels.
- Both Port Moody and Port Coquitlam experienced small reductions to supply very typical of a slow fall market. Listings are sitting for longer with fewer and fewer new homes coming to market.
List Price:
Port Coquitlam:
- High - $1,343,800
- Low - $379,000
- Average -$755,342 (down ~$37,700)
- Median - $684,900 (down $25,000)
Coquitlam:
- High - $2,600,000
- Low - $415,000
- Average -$913,390 (down $1,800)
- Median - $838,800 (up $8,900)
Port Moody:
- High - $2,229,900
- Low - $389,000
- Average -$929,198 (up ~$12,100)
- Median - $879,500 (up $10,050)
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Taken as a whole the Tri City area is experiencing balanced prices. Some areas are slightly up, and some are down…in a sense evening out. Rather than a larger market trend dictating a pricing increase/decrease, the supply currently available on the market is mostly responsible for the individual cities minor pricing changes.
Days on Market:
Port Coquitlam:
- High - 182
- Low - 1
- Average - 42 (up 10)
- Median -34 (up 8)
Coquitlam:
- High - 881
- Low - 1
- Average - 66 (up 16)
- Median - 49 (up 14)
Port Moody:
- High - 409
- Low - 0
- Average - 47 (up 2)
- Median - 30 (down 3)
- Following our last update, days on market have increased again. Since October 31st days on market have increased roughly 20+ in both Port Coquitlam and Coquitlam.
- Port Moody experienced a very minor, uncharacteristic, decrease to days on market…however since October 31st many of their sales have been of properties listed for 40-80 days; and removing listings that have been sitting will drop the statistic for those remaining.
Overview:
After our last update we were left wondering if we would see an uptick in market activity…and in some ways we did. The entire try city area had a very large percentage of their supply sell over the course of the last month and a half, however…no new listing jumped up to take their place. And days on market are mostly on the rise. It would seem the market has slipped in to its holiday holding pattern. We now must question how long it will last. Will January see a quick start? Or will winter take hold and bring about a slow beginning to 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.
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!