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 July 24th and compared with June 29th meaning the findings represent the markets overall shift in the last 25 days.
Click Here for June detached statistics comparison to April
Number of attached listings;
Port Coquitlam: 76 (up 4)
Coquitlam: 349 (down 1)
Port Moody: 100 (down 3)
**Over the past month market activity in the Tri City area has remained steady. Typically supply drops as the market slows during the summer months, but there seems to be a lot of holdovers from spring.
List Price:
Port Coquitlam:
High - $1,699,000
Low - $399,900
Average -$794,352 (up ~$54,200)
Median - $709,450 (up $9,550)
Coquitlam:
High - $2,390,000
Low - $395,000
Average -$964,883 (down ~$10,900)
Median - $890,000 (up $15,050)
Port Moody:
High - $2,398,880
Low - $359,900
Average -$883,137 (up ~$13,000)
Median - $834,350 (up $9,450)
**Overall, the market is continuing to see minor growth while prices tend towards stabilizing. Port Moody, Poco, and Coquitlam all saw their median prices rise over the last month, however, the amounts are so minor that they reflect the style of homes currently listed more than a market increase. Port Coquitlam saw its average price increase over $50,000 which is the only real area that saw a noteworthy increase in the last 30 days; and even then the increase is mostly due to five new listings with square footage well over 2,000 square feet which would be considered an executive style attached home.
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Days on Market:
Port Coquitlam:
High - 347
Low - 0
Average - 31 (up 3)
Median -14 (down 1)
Coquitlam:
High - 738
Low - 0
Average - 45 (up 7)
Median - 25 (up 3)
Port Moody:
High - 266
Low - 0
Average - 37 (up 6)
Median - 26 (up 8)
**Days on market are up across the board which is an indicator that the market is beginning to take its foot off of the gas as we get deeper into the summer months. While this is the first time that days on market have unanimously increased in quite some time the increases are minor.
Now that we are entering the second half of 2023 the Tri City market is showing signs of leveling after six consecutive months of price jumps. Supply and pricing are remaining fairly steady…while in previous months we have seen large price/supply spikes. While previous years have not followed a traditional market trajectory 2023 seems to be slightly more typical. After a busy spring, activity is now slowing for the summer months. Looking forward to August the question now becomes will we see a small market decrease as properties begin to sit on the market for longer…. will sellers be willing to reduce their asking price? Or will they decide to hold strong and wait it out? And will September usher in an early fall market with a new spike in activity?
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!