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MARKET UPDATE: TRI CITIES (COQUITLAM, PORT COQUITLAM, PORT MOODY) OCTOBER 2021



By Ali Kaya



When dealing with buying and selling a home, the market you're in definitely matters. In this article we'll go through the market statistics and insights of the Tri Cities detached single family homes (Port Coquitlam, Coquitlam, and Port Moody) that way you have all the information you need in making the best decision for you and your family. At this present moment, we are in a very one sided seller's market. If you'd like more information on what that means, click here.


Right now, prices have and are still skyrocketing simply due to lack of inventory. On average, the Tri Cities as a whole are down 40-50% in active listings, which is a HUGE plummet from last year. With lots of demand, low inventory, and low interest rates, you can see as to why home prices are rising at a drastic rate. However, even though prices are very much up, homes can still expire. Be sure to work with a knowledgeable and honest agent as well as price your property correctly.


As mentioned above, the market is very much on the seller's side. This is highlighted even more when a city's development and economic growth continue to rise, which is the case for the Tri Cities. Coquitlam is potentially top 5 in Lower Mainland cities that have grown the most in the last 7 years and it continues to lead the way. Port Coquitlam is seeing more and more infrastructure growth and development into low rise condos and townhomes which pave the way for more demand. Finally Port Moody has always been a fantastic market for niche buyers but with new development near the North Shore and Moody Centre areas it has really exploded in the last few years. Tie all of this in with extreme demand, low inventory, and low financial requirements like interest rates, and you end up in our current seller's market.


Let's look more in depth on each city's market insights.



COQUITLAM

Coquitlam has been the most popular city of the 3 and is now one of the most popular cities in the Lower Mainland. I've lived most of my life here and to see the way it has already changed is incredible, and more development will continue into the future. It has proven it's worth and will continue to be an extremely strong market moving forward. If you'd like more information about Coquitlam please click here. Now let's look at sales, active listings, average price, and days on market average (DOM) for October 2021.


INSIGHTS:

Sales - the drop in sales is due to the lack of inventory. When inventory is so low, sales will drop as there's less to buy. Sellers would be advised to look at their options as now may be an amazing time to sell prior to a more popular and saturated Spring market, with a potential interest rate increase as well.


Active Listings - this refers to the inventory currently for sale within the month of October, no matter the date of listing. With an over 40% decrease, buyers have a hard time finding a home they not only like, but can compete for.


Average Price - supply vs. demand is the key ingredient for a market fluctuation, whether good or bad. Since real estate today is a highly sought after asset, and inventory is so low, the prices have climbed to extreme highs. This results in an increase of 21.9%.


Days on Market Average - the DOM is roughly the same as it was last year as it only indicates a 3.7% decrease. However, in an already fast paced market, it's usual not to have such sudden changes in DOM.


Overall, I highly suggest home owners think about their options. Listing and selling at this moment may be a better move for most as inventory is so low which gives you more power and options in the sales process. With Spring coming in the next 5 months, we see a potential interest rate hike and the inevitable seller flood into the market so speak to an agent you trust and get all the information you can.


PORT MOODY

Port Moody is a vibrant area that offers its residents so much. Having a higher price tag than most cities, it gives you a ton of bang for your buck. The PoMo market has always been niche but with new development and buyer's wants changing, Port Moody is thriving. If you'd like more information on PoMo, click here. Let's go more in depth.


INSIGHTS:

Sales - the drop in sales is due to the lack of inventory once again. When inventory is so low, sales will drop as there's less to buy. Seller's would be advised to look at their options as right now may be an amazing time to sell prior to a more popular and saturated Spring market, with a potential interest rate increase as well.


Active Listings - this refers to the inventory currently for sale within the month of October, no matter the date of listing. With a near 50% decline, buyers have a hard time finding a home they not only like, but can compete for.


Average Price - supply vs. demand is the key ingredient for a market fluctuation, whether good or bad. Since real estate today is a highly sought after asset, and inventory is so low, the prices have climbed to extreme highs. This results in an increase of 23.9%.


Days on Market Average - the DOM has changed from last year as it indicates a 35.5% increase. However, in a niche and expensive market like Port Moody, it is expected to have a higher DOM than a city like Coquitlam.



PORT COQUITLAM

Port Coquitlam was another area that I've spent most of my life in alongside Coquitlam and I've seen tons of improvements and growth in in the last 5-10 years. It's ever growing and is definitely a great place to raise your family and entrust your money in. If you'd like more information on PoCo click here. Let's look at their October market insights.


INSIGHTS:

Sales - sales are the same as October last year for PoCo. When inventory is so low, sales may not change monthly in a yearly period. Meaning that even if sales were lower or higher compared to September 2021, this update compares to October 2020. Seller's would be advised to look at their options as right now may be an amazing time to sell prior to a more popular and saturated Spring market, with a potential interest rate increase as well.


Active Listings - this refers to the inventory currently for sale within the month of October, no matter the date of listing. With a near 30% decline, buyers have a hard time finding a home they not only like, but can compete for.


Average Price - supply vs. demand is the key ingredient for a market fluctuation, whether good or bad. Since real estate today is a highly sought after asset, and inventory is so low, the prices have climbed to extreme highs. This results in an increase of 24.6%.


Days on Market Average - the DOM has changed from last year as it indicates an 81.3% increase. In a smaller city such as Port Coquitlam we can see extreme changes in each category of property in yearly insights simply because it's a smaller market. However it's important to note that even at an 81% increase, the DOM is still less than a month at 29 days. This is a fantastic number and shows just how easy it's been to sell your home in the last year.


Well, that's it for our quick recap on October's market stats and insights. As mentioned previously, these are the stats for single family homes so if you'd like an in depth market recap for your townhome or your condo, feel free to reach out at any time. The Tri Cities are an incredible place to live and the market has shown that. If you're looking to buy or sell anywhere in the Tri Cities you can contact me anytime. It's always been a popular destination with my clients and I'm positive I can help accomplish your goals as well.


Thank you very much for visiting my website and reading my article. Feel free to look at my other articles that may be of help to you whether you're looking to buy, sell, or generally looking for more information on the market. Also be on the look out for more market recap articles for other areas that may interest you coming soon. Once again if you're looking to buy or sell in the Tri Cities or anywhere else in the Lower Mainland you can contact us at your convenience. We can chat over a cup of coffee and discuss your plans and options moving forward. Thank you again and enjoy the rest of your day, speak to you soon!






By Ali Kaya



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