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 February 6th and compared with December 14th meaning the findings represent the markets overall shift in the last 54 days.
Click Here for december 14th attached statistics comparison to October 31st
•••
Number of attached listings;
- Port Coquitlam: 76 (down 7)
- Coquitlam: 333 (down 60) --last month's update was flooded by a high number of presale listings
- Port Moody: 61 (down 13)
- Continuing a trend from our December update the Coquitlam market continues to be extremely active with sales outstripping new listings. Since December 14th there have been 110 sales; and their overall listings are down another 60 after the December update reported an active listing decline of 94.
- Both Port Moody and Port Coquitlam followed the path set out in the December update. They experienced small reductions to supply very typical of a slow start to the year.
•••
List Price:
Port Coquitlam:
- High - $1,298,000
- Low - $379,000
- Average -$741,516 (down ~$13,800)
- Median - $688,400 (up $3,500)
Coquitlam:
- High - $42,419,900
- Low - $420,000
- Average -$901,908 (down ~$11,500)
- Median - $826,900 (down $11,900)
Port Moody:
- High - $1,648,888
- Low - $588,000
- Average -$887,373 (down $41,825)
- Median - $879,000 (down $500)
- After remaining balanced for several months, the Tri City area is now seeing a very marginal price decline. Port Coquitlam is the only city to see either its median and/or average price increase…and even so, it barely saw an up-tick. Across the board average price was down…and this may (perhaps) be tied to days on market also decreasing in all three cities. Even with the decrease it is so minimal that it is likely a byproduct of the current stock and not a larger market trend.
- As more listing begin to pop up as the market heads towards spring it is likely that we will begin to see more of a concrete pricing shift…however it remains to be seen which direction that will be in.
•••
Days on Market:
Port Coquitlam:
- High - 171
- Low - 1
- Average - 44 (up 3)
- Median -28 (down 6)
Coquitlam:
- High - 935
- Low - 0
- Average - 61 (down 5)
- Median - 28 (down 21)
Port Moody:
- High - 463
- Low - 1
- Average - 44 (down 3)
- Median - 26 (down 4)
- After seeing a more drastic increase to days on market the last time we check in on the Tri City area everything remains steadier this time. While both the average and median have generally gone down across the Tri City area its decrease has been minor. The shifting or one or two new listings and/or the sale of one home which had been sitting on the market would be enough to account for this change.
- The one outlier is the current median days on market for a Coquitlam listing. It has been cut nearly in half since we last checked in. This may indicate that the area is experiencing a high rate of turnover as the current market is mainly dominated by new listings.
•••
Overview:
While the number of listings across the Tri City area remains on the low side of the spectrum, days on market are showing signs of decreasing. This means that after the holiday holding pattern we are seeing some signs of life. While it has been a slow start to 2024 things may be beginning to pick up. However now that home’s are starting to sell again there needs to be an uptick in supply before we can really say that we are truly headed towards an active spring.
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!