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 November 9th and compared with September 21st meaning the findings represent the markets overall shift in the last 49 days.
Click Here for September detached statistics comparison to August
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Number of detached listings;
- Port Coquitlam: 83 (down 10)
- Coquitlam: 248 (up 16)
- Port Moody: 61 (down 14)
Summary:
- After seeing an end of summer uptick, the Tri City detached market has settled in to fall. Both Port Coquitlam and Port Moody have seen a marginal reduction in supply; nothing monumental, but enough to signify a more manageable market. Although Coquitlam appears to be an outlier its increase in listings can almost entirely be attributed to large upscale new construction homes with multiple suites. These homes would have been in the works for potentially years and their presence increasing the number of offerings in Coquitlam does not change the current slower landscape.
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List Price:
Port Coquitlam:
- High - $4,980,000 (15 acres)
- Low - $869,900 (672 SqFt total size)
- Average -$1,801,408 (up $64,812)
- Median - $1,680,000 (up $80,100)
Coquitlam:
- High - $8,000,000 (potential townhouse development)
- Low - $999,000 (smaller home with addition)
- Average -$2,387,362 (up $8,725)
- Median - $2,198,400 (down $600)
Port Moody:
- High - $9,000,000 (waterfront)
- Low - $1,440,000 (hilly, forested lot)
- Average -$3,302,434 (up $290,172)
- Median - $2,598,000 (up $108,000)
Summary:
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After three months of a decrease median and average price Port Coquitlam has once again seen an increase to both statistics. Although both increases are sizable, we will have to wait until our next update to see if an increase becomes more of a full-fledged trend or if it simply reflects the style of homes listed currently. After experiencing a very slight decrease to both median and average price at last check in, Coquitlam remains stable this round. The number of listings dropping in Port Moody has contributed to its dramatic increase in median and average price. Essentially all of the more moderately priced homes have sold while the luxury properties remain on the market…driving up the numbers.
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Days on Market:
Port Coquitlam:
- High - 661
- Low - 1
- Average - 88 (up 16)
- Median - 52 (up 21)
Coquitlam:
- High - 976
- Low - 1
- Average - 71 (down 1)
- Median - 44 (up 6)
Port Moody:
- High - 259
- Low - 2
- Average - 64 (up 9)
- Median - 51 ( up 7)
Summary:
- For the second update in a row, days on market appear to be a bit of a split; however, there has been no drastic improvement, and on the whole the market remains relatively slow. Port Coquitlam is the only area to see a large increase to both median and average days on market which may be directly attributed to the fact that is also saw its first pricing increase in over three months.
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Overview:
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After seeing a unanimous increase to the number of listings in the Tri City area during out last update we are now faced with (aside from new construction) a reduced number of new listings. Despite the slower speed of new product, the market is not seeing a decrease to days on market. Rather the market is settling in to a new, slower, status-quo. In some cases, prices are seeing a slightly bump up…but that is largely due to the style of homes currently available…not a genuine increase. Instead of seeing an elevated sales period for the start of fall we have experienced a much calmer even keeled 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!