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 April 30th and compared with March 7th meaning the findings represent the markets overall shift in the last 54 days.
Click Here for March detached statistics comparison to January
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Number of detached listings;
- Port Coquitlam: 120 (up 32)
- Coquitlam: 312 (up 117)
- Port Moody: 73 (up 22)
Summary:
- October 2023 through the end of February 2024 saw low supply throughout the Tri City area.
- While the tides began to turn last time, we checked in on March 8th it had not yet become clear the extent to which the market would awaken.
- Six weeks later it is now crystal clear that a large influx in supply is the biggest signifier of the spring 2024 market. While there is a very active buyer base numerous houses which as deemed ‘un-ideal’ are sitting on the market. Mainly because supply is healthy enough that there are other options for buyers to choose from.
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List Price:
Port Coquitlam:
- High - $4,999,900 (high density zoned lot)
- Low - $1,100,000
- Average -$1,875,371 (down $10,764)
- Median - $1,818,500 (down $5,900)
Coquitlam:
- High - $8,799,000 (potential rowhome development)
- Low - $849,900 (smaller home, development lot)
- Average -$2,590,361 (up $50,158)
- Median - $2,323,500 (down $65,300)
Port Moody:
- High - $7,998,000 (waterfront)
- Low - $1,299,900
- Average -$3,172,688 (down $265,958)
- Median - $2,499,900 (down $290,100)
Summary:
- When we last checked in prices were showing signs of naturally creeping up as the spring market began to pick up in activity.
- Six weeks later we are now seeing a general decline in both median and average price.
- While the numbers don’t lie it is worth noting that the large discrepancy in both Coquitlam and Port Moody is largely dictated by the sale and/or price adjustment of luxury properties and development lots.
- Of the three cities Port Coquitlam’s decline is most emblematic of where the market is currently at. Reasonably priced homes that the market deems to be ‘affordable’ or a ‘good deal’ are selling quickly while others sit and this is causing a pricing shift as home both list and adjust their price in an attempt to fit in to this range.
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Days on Market:
Port Coquitlam:
- High - 834
- Low - 0
- Average - 81 (same)
- Median - 47 (up 18)
Coquitlam:
- High - 1149
- Low - 0
- Average - 69 (down 19)
- Median - 27 (down 4)
Port Moody:
- High - 354
- Low - 1
- Average - 53 (down 18)
- Median - 28 (down 1)
Summary:
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Aside from Port Coquitlam the Tri City area has seen a decrease to days on market. Although there has been a shift downwards there have been no dramatic changes…most shifts are in relation to the specific style and price of homes on the market. They are not a reflection of individual homes selling faster or slower.
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Overview:
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So far the year in the Tri City area has unfolded as follows:
- As January progressed buyers returned to the market and stock began to move.
- In late February we saw sellers take note of recent sales, and they too started to return. However, buyer interest still outpaced seller willingness.
- Throughout the remainder of March and the duration of April we began to see multiple homes sell very quickly while others sat on the market. In a sense sellers had the ‘power,’ but only if their property was deemed by the market to have mass appeal.
- Today reasonably priced homes, and/or those seen to have strong intrinsic value are selling quickly while others sit. In other words, the higher end of the market is slow while the lower more affordable side is moving quickly. We are seeing price reductions as sellers attempt to move their property in to the goldilocks window and make a sale.
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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