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 March 10th and compared with January 25th meaning the findings represent the markets overall shift in the last 44 days.
Click Here for January detached statistics comparison to December
Number of attached listings;
Port Coquitlam: 84 (up 13)
Coquitlam: 272 (up 5)
Port Moody: 124 (up 9)
**Market activity remains steady across the board. While all three cities did see an increase in stock, none of them are substantial or very notable in size. From this point of view the market has remained stable over the last 44 days.
List Price:
Port Coquitlam:
High - $1,320,000
Low - $398,000
Average -$732,407 (down $8228)
Median - $704,450 (down $10,450)
Coquitlam:
High - $5,800,000
Low - $389,900
Average -$922,027 (up ~$49,000)
Median - $818,500 (up $39,500)
Port Moody:
High - $2,359,900
Low - $399,900
Average -$865,627 (up ~$8,800)
Median - $779,900 (same)
**While our last update saw Port Coquitlam as the only city to see an increase to both average and median price...this time we have found the opposite. Poco is the only area in the Tri City to have seen a decrease to both stats: despite the decrease being relatively small. Coquitlam on the other hand was the only area to see an increase to both average and median price. Port Moody remains fairly stagnent. Overal Coquitlam is the only area to see any real movement in terms of price.
Days on Market:
Port Coquitlam:
High - 253
Low - 1
Average - 34 (down 16)
Median -17 (down 25)
Coquitlam:
High - 602
Low - 0
Average - 52 (down 10)
Median - 29 (down 19)
Port Moody:
High - 228
Low - 0
Average - 42 (down 4)
Median - 29 (down 8)
**The market in the Tri Cities is becoming more active. All three cities have seen a decrease to both average and median days on market. This is not surprising as we move towards spring.
On the whole prices remain fairly stable for attached homes in the Tri City area, it is true that Coquitlam has shown a minor pricing increase but that has largely been impacted by the style of homes currently listed. While pricing continues to hold, days on market have fallen and stock has shown the beginning signs of improving. The market appears to be increasing as we head towards spring.
The main question now is whether supply will continue to increase as buyers become more active? If supply rises to meet demand, there is the possibility that prices may continue to hold. Conversely there is the potential for demand to continue to increase while supply stays relatively flat...in this case we may begin to see signs of a pricing increase.
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!