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 April 26th and compared with March 10th meaning the findings represent the markets overall shift in the last 47 days.
Click Here for March detached statistics comparison to January
Number of attached listings;
Port Coquitlam: 74 (down 10)
Coquitlam: 285 (up 13)
Port Moody: 102 (down 22)
**Market activity has fluctuated in the Tri City area over the last month and a half. Home’s have begun to sell more rapidly without enough supply to replenish the market. Coquitlam is the outlier with a small listings increase. However 39 of Coquitlam’s new listings are under construction and not currently livable.
List Price:
Port Coquitlam:
High - $1,268,000
Low - $398,000
Average -$689,886 (down ~$42,500)
Median - $641,500 (down $62,950)
Coquitlam:
High - $5,300,000
Low - $399,000
Average -$930,591 (up ~$8500)
Median - $799,000 (down $19,500)
Port Moody:
High - $2,398,880
Low - $425,000
Average -$901,676 (up ~$36,000)
Median - $817,000 (up $37,100)
**The above statistics are largely affected by supply. Generally speaking, the entire Tri City area has seen steady month-over-month pricing increases for the duration of 2023. Port Coquitlam has relatively few townhouses on the market, and several older/smaller condo listings…both of these factors could contribute to the median/average skewing lower. Coquitlam’s numbers are the truest representation of current monthly market trends, and Port Moody’s average is higher while its median is lower due to a number of luxury listings which are taking longer to sell.
Days on Market:
Port Coquitlam:
High - 258
Low - 1
Average - 37 (up 3)
Median -24 (up 7)
Coquitlam:
High - 649
Low - 0
Average - 44 (down 8)
Median - 23 (down 6)
Port Moody:
High - 177
Low - 1
Average - 41 (down 1)
Median - 25 (down 4)
**Supply is currently having a large impact on days on market. With fewer listings new desirable listings are selling quickly, while niche listings and/or luxury and high priced units are pushing the days on market of properties higher.
On the whole prices are split, of the six data points (3 median, 3 average) the ratio of increase-to-decrease is exactly 1:1. We will need to wait another month to see if a spring trend begins to emerge, and if a supply increase is on the horizon. For the most part supply has trended downward over the last month and that is playing a large role in all of the statistics gathered. Aside from Poco days on market are down, which is what one would expect with decreased supply…that being said…if there are effectively no new listings coming to market days on market will increase as properties buyers view as overpriced and/or niche sit and rack up the average.
So far 2023 has proven the market is transitioning out of the decline we experienced in 2022. For now, we wait and see how the remainder of spring will unfold. Things are looking up for sellers…the main question now is will more activity increase as prices inch up?
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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