It’s a seller’s market in Port Coquitlam, BC

“The Vancouver Tri Cities area has been seeing an increase in demand and prices since the early part of 2015. In particular, Port Coquitlam is experiencing growth in the multi-family market with the recent expansion of the Riverwood neighbourhood. This, along with low inventory, has helped fuel a seller’s market. A lack of inventory and strong buyer pressure has led to multiple offers being presented which is driving up values in the area. To provide even further context, consider this: a seller’s market typically occurs when the sales-to-active-listings ratio hits 20%. As a result, year-over-year the median sale price for a detached home in Port Coquitlam in June 2015 was up approximately 21% to $659,000 vs. $545,000 a year ago. The ratio in June 2015 was 35.9%. Comparing June to the previous month of May, the number of listings in Port Coquitlam was relatively unchanged at 77 in June vs. 80 in May, while the number of detached homes sold was higher; 78 vs. 64.”

Solidifi Featured EXTRAORDINARY APPRAISER - John Volpe, Port Coquitlam, BC