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 January 25th and compared with December 6th meaning the findings represent the markets overall shift in the last 41 days.
Number of attached listings;
Port Coquitlam: 71 (down 30)
Coquitlam: 267 (down 44)
Port Moody: 115 (up 7)
**Market activity took a sizable hit in in both Poco and Coquitlam; there was a 42% reduction in active listings in Poco in the last 50 days. Conversely, Port Moody remains active, as the only area with increased supply in the Tri Cities.
List Price:
Port Coquitlam:
High - $1,295,000
Low - $299,888
Average -$740,635 (up ~$13,600)
Median - $714,900 (up $15,100)
Coquitlam:
High - $2,419,900
Low - $379,000
Average -$872,929 (down $662)
Median - $779,000 (down $20,900)
Port Moody:
High - $2,359,900
Low - $399,900
Average -$856,822 (down ~$86,200)
Median - $779,900 (down $54,000)
**For the first time since our October 26th update Port Coquitlam is the only area within the Tri Cities to see a pricing increase. Coquitlam saw a minor price adjustment trending downwards while Port Moody over corrected with a sizable leap downwards. As of our last update on December 6th Port Moody had the largest pricing increasing…this time we see the exact opposite as the most expensive area in the Tri Cities also see’s the largest price decrease; blended average/median drop of $70,000.
Days on Market:
Port Coquitlam:
High - 209
Low - 1
Average - 50 (up 7)
Median -42 (up 2)
Coquitlam:
High - 558
Low - 1
Average - 62 (down 6)
Median - 48 (up 5)
Port Moody:
High - 184
Low - 0
Average - 46 (down 10)
Median - 37 (down 3)
**Port Moody stands out as an outlier for the second month in a row. It was the only area to see an increase in supply and a decrease in days on market…while also seeing the largest price drop, both median and average, in the Tri City area.
While both Port Coquitlam and Coquitlam saw substantial supply drops their pricing remains more stable. There is a chance that there is a correlation between these two statistics; perhaps a decreasing supply is aiding the cities price stabilization. Port Coquitlam, which saw the largest drop in supply, was also the only area in the Tri Cities to experience a small pricing increase.
We will have to check back next month to see if an areas overall supply continues to have a large affect on the cities overall pricing.
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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