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 6th and compared with October 26th meaning the findings represent the markets overall shift in the last 41 days.
Number of attached listings;
Port Coquitlam: 101 (down 15)
Coquitlam: 311 (down 58)
Port Moody: 108 (up 7)
**Market activity took a sizable hit in Coquitlam with a 16% reduction in active listings. Port Moody remains active heading in to the holiday season.
List Price:
Port Coquitlam:
High - $1,625,000 (400 SqFt half duplex)
Low - $299,900
Average -$727,061 (down ~$6,250)
Median - $699,800 (down $7,600)
Coquitlam:
High - $2,419,900
Low - $379,000
Average -$873,591 (up ~$1,900)
Median - $799,900 (up $7100)
Port Moody:
High - $2,588,800
Low - $439,900
Average -$943,069 (up ~$35,000)
Median - $833,900 (up ~$34,000)
** Last time we checked in Port Coquitlam was the only area within the Tri Cities to see a pricing increase; this time it is the exact reverse and Poco is the only city to clock in at a decrease. While both Coquitlam and Port Moody saw price increases Port Moody took a large leap forward. Despite being the most expensive area in the Tri Cities Port Moody continues to jump up in price. The median price for an attached home in Poco is now $134,100 less than Port Moody.
Days on Market:
Port Coquitlam:
High - 260
Low - 1
Average - 43 (up 11)
Median -40 (up 18)
Coquitlam:
High - 508
Low - 0
Average - 68 (up 15)
Median - 43 (up 13)
Port Moody:
High - 273
Low - 0
Average - 56 (down 3)
Median - 40 (down 4)
**It is natural for the market to slow at this time of year and for days on market to increase, however, Port Moody seems to have experienced an active November.
Both Port Coquitlam and Coquitlam experienced a more historically normal November with less active listings and longer days on market when compared to October. While Coquitlam was hit the hardest in terms of stock Port Coquitlam was the only city to see a pricing decrease in the last 41 days. However, Coquitlam's price increase was extremely minor with the average going up less than $2000...it would be more accurate to say that prices held in Coquitlam over the past month and a half.
Port Moody experienced an unseasonably active November with all stats increases when compared to October. Not only did the number of listings in Port Moody increase, both the average and the median price of an attached home increased over $30,000. What’s more days on market saw a marginal decrease.
As we move in to December it is inevitable that even Port Moody will begin to experience the affects of the season. While pricing may not continue to drop the number of listings will likely decrease and days on market increase as we move towards the new year.
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