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 March 7th and compared with January 23rd meaning the findings represent the markets overall shift in the last 44 days.
Click Here for January 2024 detached statistics comparison to November 2023
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Number of detached listings;
- Port Coquitlam: 88 (up 17)
- Coquitlam: 195 (up 35)
- Port Moody: 51 (up 8)
Summary:
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In our last update it had become clear that the market was in a winter doldrum (that really started in late October) and that 2024 was getting off to a slow start. While the number of listings were down across the Tri City area the number of buyers was slowly beginning to increase as the first month of the year progressed. Now that we are entering the second week of March it has become clear that uncertainty in the market is beginning to subside. Not only has the number of listings increased throughout the Tri City area…but the number of buyers is outstripping sellers. It looks like a long slow winter has turned into an early spring. The market is getting busy.
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List Price:
Port Coquitlam:
- High - $4,999,900 (high density zoned lot)
- Low - $1,149,900
- Average -$1,886,135 (up $9,092)
- Median - $1,824,400 (up $25,400)
Coquitlam:
- High - $9,000,000 (potential rowhome development)
- Low - $849,900 (smaller home, development lot)
- Average -$2,540,203 (up $21,711)
- Median - $2,388,800 (up $39,450)
Port Moody:
- High - $9,000,000 (waterfront)
- Low - $1,350,000
- Average -$3,438,646 (down $35,805)
- Median - $2,790,000 (up $190,100)
Summary:
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When we last checked in with the Tri City area in January it seemed as though eager buyers had stripped the market of its ‘thriftier’ priced properties. The result…while stock dwindled the remaining properties where all of a higher price and for this reason, they racked up days on market. This created the illusion of rapidly rising prices…. but the reality was leftover stock of a higher price skewing the statistics high. This time however sales are up as both buyer and sellers have returned in forced, days on market are down…and prices are naturally beginning to increase. This increase is at least partially due to the fact that the market is still experiencing a shortfall of listings. If it continues, we will fully enter a sellers market.
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Days on Market:
Port Coquitlam:
- High - 780
- Low - 0
- Average - 81 (down 14)
- Median - 29 (down 32)
Coquitlam:
- High - 1095
- Low - 1
- Average - 88 (down 29)
- Median - 31 (down 57) -cut in half compared to last update
Port Moody:
- High - 378
- Low - 0
- Average - 71 (down 17)
- Median - 29 (down 46) -cut in half compared to last update
Summary:
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Our last check in we stated: “[r]egardless of how we arrived here the bottom line is that the current market is slow.” That is not the case anymore. Just over two months in to 2024 and we are seeing the median days on market for detached homes in the Tri City area dropping drastically. The market has awakened…there are more buyers than there are sellers and multiple offers are beginning to crop up again. The question now becomes, how quickly will homes sell as we move into spring?
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Overview:
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2023 ended on a slow note for the market and 2024 initially appeared to be keeping in line with the new trend of wariness. However, things have quickly changed. Buyers which seemingly held off for the last quarter of 2023 have decided that it is time to move forward and make a change. As January progressed buyers returned to the market and stock began to move. As sellers slowly took note, they too started to return. However, buyer interest is still outpacing seller willingness. Yes, we are seeing an increase in the number of listings…but the reason that prices have begun to increase and days on market have been so drastically reduced is because there are more buyers than sellers. As we move towards spring we will have to wait and see if more sellers step forward to balance the market…or if the Tri City area and Vancouver as a whole is headed towards fully favouring sellers.
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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