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 January 24th and compared with November 29th meaning the findings represent the markets overall shift in the last 35 days.
Click Here for November detached statistics comparison to October
Number of detached listings;
Port Coquitlam: 47 (down 26)
Coquitlam: 167 (down 57)
Port Moody: 40 (down 5)
**Market activity is down across the Tri Cities. Supply drop is proportion to previous stock; Port Moody had saw the smallest drop because it already had the lowest supply.
List Price:
Port Coquitlam:
High - $5,500,000
Low - $849,00
Average -$1,881,537 (up ~$27,000)
Median - $1,699,000 (up $11,000)
Coquitlam:
High - $5,000,000
Low - $998,000
Average -$2,229,661 (down ~$22,600)
Median - $2,048,000 (up $50,000)
Port Moody:
High - $8,899,000 (10,849 sq. ft. home)
Low - $1,398,000
Average -$2,505,824 (down ~$50,200)
Median - $2,164,000 (down $34,000)
** Poco was the only city that saw an increase to both its average and median price over the last fifty-six days. Port Moody experienced the largest price reduction with its average price decreases the same amount Coquitlam's median price increased. Generally speaking neither Coquitlam or Poco saw a big enough shift in price to conclusively say the market in the area is shifting as both median and average prices can be affected by a single expensive-or cheap-home coming on to, or leaving, the market.
Days on Market:
Port Coquitlam:
High - 636
Low - 0
Average -111 (up 39)
Median - 85 (up 45)
Coquitlam:
High - 687
Low - 1
Average - 92 (same)
Median - 67 (up 10)
Port Moody:
High - 488
Low - 0
Average - 83 (down 4)
Median - 50 (up 9)
**Median days on market increased for the entire Tri City area. Port Coquitlam saw, by far, the largest increases...while Port Moody and Coquitlam saw mnarginal changes.
Although Port Coquitlam saw both it’s median and average prices increase over the last 56 days the main thread is that prices remain largely the same in the Tri Cities as a whole. While some pockets increased…others decreased…and this is not unnatural for the market given the time of year these statistics evolved over. Supply is decreasing though. Across the board stock in the detached market is becoming scarcer. Coquitlam saw a supply reduction by over 37% and Poco was hit hard with a 55% decline in available homes. Generally speaking, days on market are also increasing throughout the Tri Cities.
At a glance price are remaining relatively stable while stock plumets and days on market begin to rise. Across the board it is a buyer’s 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!