Tri City Detached Home Listing 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 December 2nd and compared with September 26th meaning the findings represent the markets overall shift in the last 67 days.
Click Here for September 26th and compared with July 30th
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Number of detached listings;
- Port Coquitlam: 138 (down 47)
- Coquitlam: 424 (down 43)
- Port Moody: 87 (down 33)
Summary:
- Since March supply has been high across the Tri City area, with new listing continually increasing and outstripping the number of active buyers. However, now that buyers have finally returned to the market, supply is down.
- For the first time, perhaps, in all of 2024—at least since February—supply is down in all three Tri City communities. Buyers appear to be purchasing new listings while stagnant ones from the late summer and early fall continue to sit. Fresh supply runs through the market, but does not last…keeping active listing numbers down.
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List Price:
Port Coquitlam:
- High - $3,999,900 (RA1 zoning, land assembly)
- Low - $1,049,0000
- Average -$1,742,641 (up $4,070)
- Median - $1,689,000 (up $64,000)
Coquitlam:
- High - $8,000,000 (land assembly)
- Low - $949,900 (townhouse style home)
- Average -$2,720,373 (up $20,884)
- Median - $2,358,117 (up $33,117)
Port Moody:
- High - $7,998,000 (waterfront)
- Low - $1,199,000
- Average -$2,999,928 (up $26,654)
- Median - $2,680,000 (up $131,800)
Summary:
- As of our last check in (September 26th) sales had already returned to the Tri City area. But at that point in time activity was just picking up. Since then, sales have continued to rise, and as they were before, they are largely concentrated on new listings.
- However, last time median/average prices where down as stagnant listings dropped their prices in an attempt to sell. Since then, sales have spread out from just new listings to affordable listings in general. The lower end of the market is moving quickly while the upper/luxury side remains slow.
- Prices are up across the board…but not necessarily because prices are increasing. Mostly because it is the upper end of the market that is sitting while the more affordable end has been purchased…with a low number of new listings to replace the sales.
- For this reason, the median/average has spiked due to a surplus of high end listings.
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Days on Market:
Port Coquitlam:
- High - 769
- Low - 0
- Average - 121 (up 32)
- Median - 70 (up 20)
Coquitlam:
- High - 1365
- Low - 3
- Average - 115 (up 33)
- Median - 84 (up 32)
Port Moody:
- High - 570
- Low - 0
- Average - 80 (up 19)
- Median - 61 (up 25)
Summary:
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Since our last check in days on market have really pushed upwards. As previously mentioned, there are a number of stagnant listings that continue to sit on the market. For a variety of reasons…price, quality, location…they are remnants of the oversupply which plagued the majority of the 2024 market. New listings sell and are eliminated form the active days on market count.
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Overview:
- So far the year in the Tri City area has unfolded as follows:
- In late February we saw sellers take note of recent sales, and they too started to return. However, buyer interest still outpaced seller willingness.
- Throughout the remainder of March and the duration of April we began to see multiple homes sell very quickly while others sat on the market. In a sense sellers had the ‘power,’ but only if their property was deemed by the market to have mass appeal.
- Throughout June & part of July the higher end of the market had slowed right down while the lower end was still performing.
- For the majority of August & the beginning of September summer doldrums fully set in and the entire market slowed right down.
- By the end of September there was a sense that renewed activity had freed the market from a holding period. But at that point in time both buyers and sellers remained cautious.
- In the last two months a general sense of confidence has returned to the market. Homes are selling, and new listings are popping up (just not a lot of them). Lowered interest rates and steady prices have increased buyer incentive. However a number of sellers now appear to be holding out, potentially to weather the holiday season, or to see if prices begin to increase again in 2025.
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.
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