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 26th and compared with September 29th meaning the findings represent the markets overall shift in the last 27 days.
Number of attached listings;
Port Coquitlam: 116 (up 7)
Coquitlam: 369 (down 12)
Port Moody: 101 (down 10)
**Market activity fluctuated in the Tri Cities with no substantial changes to supply across all three major cities.
List Price:
Port Coquitlam:
High - $1,288,000
Low - $349,988
Average -$733,306 (up ~$28,100)
Median - $707,400 (up $52,400)
Coquitlam:
High - $2,419,900
Low - $399,900
Average -$871,644 (down ~$29,600)
Median - $792,800 (down $6200)
Port Moody:
High - $2,588,800
Low - $450,000
Average -$908,092 (down ~$12,800)
Median - $799,888 (down ~$28,100)
** Within the Tri Cities Port Coquitlam was the only city that saw a price increase over the last 27 days. Both Coquitlam and Port Moody saw relatively similar price reductions. As Port Coquitlam's market offers the lowest prices (roughly $90,000 below the median price of both Moody & Coq) perhaps it has more room to grow while still being considered comparatively affordable.
Days on Market:
Port Coquitlam:
High - 219
Low - 1
Average - 32 (down 2)
Median -22 (up 6)
Coquitlam:
High - 467
Low - 0
Average - 53 (down 3)
Median - 30 (down 12)
Port Moody:
High - 232
Low - 1
Average - 59 (up 10)
Median - 44 (up 8)
**Days on market continue to fluctuate for the Tri City area; most likely due to the homes currently on the market.
Overall the Tri City market has proven to be in fluctuation over the last month. There has been no unanimous shift in either days on market or pricing for the entire area. No new trend has emerged. Port Coquitlam is the outlier as the only city with increased listings and an increased average/median price. As a whole both days on market and supply has varied over the last 30 days. Although both Coquitlam and Port Moody have seen price reductions, their decline is slight when compared to previous months. We will have to wait and see if any long term trends are emerging. Will Poco continue to rise when both Moody and Coq slump? Or did Poco simply see a one-off strong month? We will be back in 30 days to take a closer look.
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!