Tri-Cities house prices, listings, sales drop

Stats show fewer homes listed and sold and at lower prices

As in the rest of region, house prices, listings and sales in the Tri-Cities continued on a downward trend this summer, according to the Real Estate Board of Greater Vancouver (REBGV).

REBGV said the region only had 1,929 sales in August (more on regional stats here), a drop of 36.6% from August of last year, when 3,043 homes were sold, and a 6.8% decline from July 2018 (2,070).

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“Home buyers have been less active in recent months and we’re beginning to see prices edge down for all housing types as a result,” said REBGV president Phil Moore in a news release. “Buyers today have more listings to choose from and face less competition than we’ve seen in our market in recent years.”

Coquitlam saw new detached listings drop to 146 in August, a decrease of 25.1% from July. Attached listings went down 22.5% to 69 and condo listings were down 16.5% at 147.

The number of sales in the city, though, increased slightly from 48 to 60 for homes, 34 to 37 for townhouses and 68 to 85 for condominiums.

The average price for a Coquitlam house in August was $1,305,300, a dip of 0.3% from July and down 1.1% from May, although it was still 2% more than August 2017.

The typical attached home (townhouses) in the city went for $690,000, which was 2.9% less than in July, a 2.2% decrease from May and a 7.7% increase from last August.

Benchmark condominium prices were up, however, selling for $552,500, 0.7% more than in July, 0.3% above what it sold for in May and 15.9% compared to a year ago.

In Port Coquitlam, house listings were actually up slightly, from 55 to 59, while attached home listings plummeted from 61 in July to 32 in August; as well, there were 54 condo listings in August compared to 66 in July.

PoCo’s sales numbers were all down, with house sales dipping from 22 in July to 18 in August, townhouses from 21 to 18 and condos from 41 to 36.

The typical PoCo house sale in August was $1,008,100, a dip of 0.8% from July, 3.9% less than May and just 0.5% more than August 2017. A benchmark PoCo townhouse sold for $667,500 a drop of 2.7% compared to July and 3.2% compared to May, with an increase of 4.1% from last August. The typical condo price was $471,700, which was down 1.9% from July but 14.4% more than August ’17.

New listings in Port Moody/Belcarra area were dramatically down in August, with only 17 houses on the market compared to 31 the previous month, just eight new townhouse listings compared to 24 in July, and 30 condos went up for sale in contrast to the 49 that were put on the market a month earlier. As in PoCo, the number of Port Moody sales decreased from July to August, going from 12 detached homes to five, 14 attached homes to six and 25 condo sales to 18.

PoMo's benchmark for a detached home stayed stagnant from July and May at $1,529,200, which is 2.5% more than August ’17. A typical townhouse in Port Moody went for $687,700, 0.3% less than July but 0.4% more than May and 8.1% over last August. The condo benchmark price was $668,800 which was down 0.8% from the previous month and 3.5% from May, but 15.2% more than last August.

In the REBGV’s area — which runs from Whistler to South Delta, and north of the Fraser River to Maple Ridge — there were 3,881 residential properties put up for sale in August, an 8.6% drop from the same month in 2017 and an 18.6% decrease from July, when 4,770 homes were listed. Current listings are up to 11,824, 34.3% above August last year and 2.6% less than July.

“With fewer buyers active in the market, benchmark prices across all three housing categories have declined for two consecutive months across the region,” said Moore.

 

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