A Year In Review...Tri City Detached Home Market...how has it evolved?
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 December 20th and compared with January 10th meaning the findings represent the markets overall shift in the last 35 days.
Number of detached listings;
Port Coquitlam: 64 (up 40)
Coquitlam: 200 (up 92)
Port Moody: 35 (up 2)
**Compared to January of this year market activity, outside of Port Moody, has seen a large increase. Poco more than doubled its supply, and Coquitlam nearly doubled.
List Price:
Port Coquitlam:
High - $5,500,000 (up $2,500,000)
Low - $849,000 (down $299,000) -bareland strata
Average -$1,900,483 (up ~$187,700)
Median - $1,724,499 ( up ~$110,000)
Coquitlam:
High - $7,980,000 (same)
Low - $999,900 (up ~$60,000)
Average -$2,293,181 (up ~$41,000)
Median - $1,998,500 (up $500)
Port Moody:
High - $8,899,000 (same) -10,849 sq. ft. home
Low - $1,089,000 (down $160,000)
Average -$2,549,694 (down $6,350)
Median - $2,198,000 (same)
** Going off of the median price Poco stands alone. Both Port Moody and Coquitlam saw practically no change in their median price. Poco on the other hand saw its median price increase over $100,000. The entire Tri City area saw homes enter the market that set a new low detached home price; Port Moody and Poco both saw significant drops in their lowest prices.
Days on Market:
Port Coquitlam:
High - 601
Low - 6
Average - 85 (up 13)
Median - 55 (up 15)
Coquitlam:
High - 1027
Low - 1
Average - 102 (up 10)
Median - 66 (up 9)
Port Moody:
High - 453
Low - 5
Average - 98 (up 11)
Median - 60 (up 19)
**Days on market is the only catagory in which the entire Tri City area saw the same change. Days on market are up across the board by roughly 10-20 days.
Although not a comprehensive review the statistics above represent a comparison with well over 300 days between data collection. During that period Port Coquitlam has proven to be the Tri Cities most volatile market. While Port Moody saw almost no change to its median/average price...and Coquitlam saw very little...Poco saw a jump in both categories of over $100,000; and Poco's supply more than doubled while Port Moody's stayed the same. The great equalizer is days on market where everyone saw a significant increase. Overall, the Tri City market, compared to January, is flooded with stock that is taking a longer time to sell at largely the same prices as January. If supply stays high and homes continue not to sell, we may see prices come down further to start the 2023 market.
Are you looking to purchase a detached home 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!
Your Neighbourhood Experts
Looking for more information on the Tri Cities housing market CLICK HERE to contact us!
And
To Keep Track of SOLD listings CLICK HERE