Brian Lamb

Tri-Cities detached home market remained fairly balanced in the month of June.

Coquitlam saw a drop in sales from 118 homes in May to 96 homes in June, a 19% decrease. The amount of listings for Coquitlam also saw a similar decrease from 246 in May to 214 in June which is a 13% decrease. Despite the decreases the market stayed fairly balanced with a 45% sale to listing ratio, just down slightly from the 48% in May.

According to the Bank of Canada interest rates of 5 year conventional mortgages saw a slight decrease of less than 2% moving from 5.99% in May to 5.89% in June. The sale to listing ratio remaining fairly consistent from May to June, and interest rates dropping slightly, contributed to a 3% increase in median sale price, as borrowing money became cheaper to the consumer and there was a wide selection of homes available.

While sales in Coquitlam dropped by 19% sales in Port Coquitlam actually increased by 8%. June marks the second straight month of sales increases of detached homes in Port Coquitlam. Not only did sales increase but the amount of inventory decreased. New listings for the area dropped by 5% from 83 homes in may to 79 in June. With the increase in units sold and the decrease of units available there is less choice available in the market. These factors led to an increase in median sale price to $545,200, a 5% jump over the previous month. June marks the third increase in median sale price over the last 4 months.   

Port Moody saw the largest increase in sales of detached homes, in the Tri-Cities area, at 19%. This coupled with a 42% decrease in new listings means that the choice of homes is more restricted than it was a month ago. Despite the tightening of demand for homes in Port Moody the median sale price actually dropped from $760,000 in May to $725,000 in June. This might suggest that homes at the lower end of the market were selling better than the higher priced ones.

 

Greetings...

The Real Estate Board of Greater Vancouver has just released their stats package for March and it shows a steady climb in both listings and sales in Coquitlam while median sale price has dropped slightly.

Listings in March reached the highest total since May of 2008, and saw a 30% increase over the previous month. With this increased supply of homes more selection will be available for buyers looking to purchase.

Single family homes have seen a 19% increase in sales in March from February and an impressive 300% increase since December. As listings for the month of March outpaced sales, the median prices of detached homes had a slight drop of 3% from what was a 2 year high in February.