Monthly Tri City Detached 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 October 25th and compared with September 9th meaning the findings represent the markets overall shift in the last 46 days.
Number of detached listings;
Port Coquitlam: 66 (down 12)
Coquitlam: 236 (up 23)
Port Moody: 51 (down 2)
**Market activity fluctuated in the Tri Cities with no major changes to supply across all three major cities.
List Price:
Port Coquitlam:
High - $5,500,000
Low - $9990,00
Average -$1,930,534 (up ~$131,000)
Median - $1,724,444 (up ~$150,000)
Coquitlam:
High - $7,980,000
Low - $948,000 (850 sq. ft. home)
Average -$2,230,742 (down ~$18,000)
Median - $1,989,500 (down $8,500)
Port Moody:
High - $8,899,000 (10,849 sq. ft. home)
Low - $1,349,900
Average -$2,443,660 (down ~$214,600)
Median - $2,200,000 (down $180,000)
** Within the Tri Cities Port Coquitlam is the only city that saw a price increase over the last 46 days. Coquitlam remained relatively status-quo, and Port Moody saw a large reduction.
Days on Market:
Port Coquitlam:
High - 545
Low - 0
Average - 75 (up 11)
Median - 42 (down 6)
Coquitlam:
High - 971
Low - 1
Average - 81 (down 6)
Median - 43 (down 19)
Port Moody:
High - 397
Low - 4
Average - 75 (same)
Median - 43 (down 21)
**As a whole detached homes have started to sell at a quicker rate throughout the Tri Cities with the median days on market coming down between 6 and 21 days.
Overall the Tri City market has proven to be in fluctuation over the last month and a half. While days on market has unanimously shown a reduction, both supply and price varied. Coquitlam has proven to be the most stable of all three major cities with a minor supply increase and little pricing change. Port Moody and Port Coquitlam have fallen on opposite ends of the spectrum both with median/average pricing changes over $100,000. Poco’s price has shot up while Port Moody’s has slumped; this could however simply be a representation of the current listings and we will have to wait and see in November if the change starts to become a trend.
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!