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 25th and compared with February 6th meaning the findings represent the markets overall shift in the last 79 days.
Click Here for February 6th attached statistics comparison to December 14th
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Number of attached listings;
- Port Coquitlam: 117 (up 41)
- Coquitlam: 453 (up 120)
- Port Moody: 113 (up 52) --nearly doubled
- Continuing a trend from our December update the Coquitlam market continues to be extremely active with sales outstripping new listings. Since December 14th there have been 110 sales; and their overall listings are down another 60 after the December update reported an active listing decline of 94.
- Both Port Moody and Port Coquitlam followed the path set out in the December update. They experienced small reductions to supply very typical of a slow start to the year.
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List Price:
Port Coquitlam:
- High - $1,688,888 (retail space attached)
- Low - $379,000
- Average -$748,368 (up ~$7,900)
- Median - $689,900 (up $1,500)
Coquitlam:
- High - $2,419,900
- Low - $429,900
- Average -$923,528 (up ~$21,600)
- Median - $814,949 (down $11,951)
Port Moody:
- High - $1,588,000
- Low - $478,888
- Average -$921,577 (up ~$34,200)
- Median - $884,900 (up $5,900)
- As of our February 6th check in there was a level of uncertainty in the air. Average prices were down (marginally) across the board…spring market energy had yet to take hold. Now that spring is in full swing prices have rebounded and average prices are up across the board. However, we aren’t seeing a massive set of price increases. Just as the decrease was in February this is marginal.
- Port Coquitlam saw the most minimal pricing increases…but it also didn’t decrease in February as did Port Moody and Coquitlam.
- Coquitlam saw a decrease to its median price, but this was largely do to shuffling of high end luxury properties and re-development lots.
- Spring 2024 will be marked by a market activity increase…not a pricing increase.
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Days on Market:
Port Coquitlam:
- High - 188
- Low - 0
- Average - 28 (down 16)
- Median -17 (down 11)
Coquitlam:
- High - 1014
- Low - 0
- Average - 45 (down 16)
- Median - 24 (down 4)
Port Moody:
- High - 189
- Low - 0
- Average - 25 (down 19)
- Median - 17 (down 9)
- The market is active. Days on market are down.
- The beginning of the year was marked by unusually high average for days on market, but spring has shifted that trend as the average is down more than 14 days throughout the Tri City area.
- In February Coquitlam had the lowest days on market but the tables have turned as both the Port Coquitlam and Port Moody markets have picked up steam.
- While the market is active, there are an ever-increasing amount of listings…and some may sit…that may drive up the average/median next time we check in. Everything can’t sell its first week on the market.
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Overview:
In February we we’re just starting to see signs of the market waking up after a long winter. Now it is fully alive and well. The number of listings is way up, days on market as down (but not crazy), and prices are holding…with minor monthly increases. Overall, the market is favouring sellers, but only if they have a property that buyers deem desirable. There is enough stock on the market that buyers can be somewhat choosey. In that sense the power is still somewhat split. As spring progresses it is becoming clear that 2024 appears to be active, and healthy, but not laden with large price increases…at least not yet.
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!