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 November 29th and compared with October 25th meaning the findings represent the markets overall shift in the last 35 days.
Number of detached listings;
Port Coquitlam: 73 (up 7)
Coquitlam: 224 (down 12)
Port Moody: 45 (down 6)
**Market activity fluctuated marginally in the Tri Cities; Poco was the only area that saw a supply increase.
List Price:
Port Coquitlam:
High - $5,500,000
Low - $849,00
Average -$1,854,5898 (down ~$76,000)
Median - $1,688,000 (down ~$34,400)
Coquitlam:
High - $7,980,000
Low - $949,000
Average -$2,252,233 (up ~$23,500)
Median - $1,998,000 (up $8,500) -now exactly the same as September 9th median price
Port Moody:
High - $8,899,000 (10,849 sq. ft. home)
Low - $1,249,900
Average -$2,556,044 (up ~$112,400)
Median - $2,198,000 (down $2,000)
** While Poco was the only city that saw an average price increase between September 9th and October 25th, it is now the only area in the Tri Cities to see a pricing decrease over the last 35 days. Both Coquitlam and Port Moody saw their average prices increase by a semi significant margin.
Days on Market:
Port Coquitlam:
High - 580
Low - 0
Average - 72 (down 3)
Median - 40 (down 2)
Coquitlam:
High - 1006
Low - 0
Average - 92 (up 10)
Median - 57 (up 14)
Port Moody:
High - 432
Low - 1
Average - 87 (up 12)
Median - 41 (down 1)
**Days on market averages increased for Coquitlam and Port Moody...although Coquitlam was the only city to see its median increase. Port Coquitlam's detached housing market is edging towards a more fluid market.
Port Coquitlam has been the outlier in the Tri City market over the last 35 days. Although Port Coquitlam saw it's detached prices fall it is the only area where supply increased and both the median and average days on market fell. There is a strong chance that Port Coquitlam's market is more active expressly because prices are the lowest in the Tri Cities and continuing to trend downwards. Coquitlam saw the largest supply decrease and it was also the only city where both the average and median price increased. Port Moody stood as the most stable market over the last 35 days. Moving in to December we would expect supply to drop accross the entire Tri City area, with days on market also seeing a bump up.
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!