Port Moody has seen record-breaking sales over the last two years, which have only continued to increase in price and frequency since the beginning of 2021.
Monica, an expert in Port Moody realty and co-host of the vlog PoMo Life, joins Denny on the podcast to break down recent condo sales trends in the area.
This episode will focus on the type of properties offering the best value, record-setting sales occurring in Port Moody, the trickle-down effect of a competitive single-family home market, the importance of starting small to build equity in real estate, and the impact of low inventory on increasing property value.
NOTES FROM THE EPISODE:
We are currently entering into an exciting time in Port Moody real estate. Properties are selling at an all-time high and with lightning speed right now. The SkyTrain is still a relatively new feature to the area and has been a substantial contributing factor to the market growth.
Port Moody Condo Trends in February 2021:
Denny and Monica share that they have seen market trends in Port Moody that resemble what you would typically see in the epicenter of a scorching market. Previously, it was imperative to have a great view, extra parking, or a unique renovation to get a high offer on a condo listing. Currently, the units are selling for asking or over asking price with street views and no significant updates.
Klahanie is one of the most popular areas in the city and is seeing record-breaking sales. It is a desirable Port Moody neighborhood that provides easy access to the SkyTrain, Breweries, and lots of shopping. In late February, three condos sold with prices higher than what has been seen in Port Moody for a long time.
This trend prompted Denny to approach a client who wanted to sell her home in the much sought-after Suter Brook Village. He told her that the evaluation she received only three weeks ago (based on the last 60 days’ worth of sales in the area) was already outdated. Considering the recent sales, her condo evaluation may have gone up by $40,000 – $50,000.
More recent sales in Port Moody show a similar pattern:
880 square foot condo in Klahanie:
- Located on the top floor
- Two bedrooms and two bathrooms
- Listed at $680,000
- Sold at $725,000 with multiple offers
- Sold for approximately $830/square foot (about 12 months ago, condos would maybe reach $700/square foot)
713 square foot condo sold 1.5 weeks ago:
- 15-year-old building
- Located on the 3rd floor (not on the top floor)
- One parking, one storage
- One bedroom
- Original bathroom and kitchen
- New floors
- Listed over what we thought it would be because of low inventory = $525,000
- Sold subject free at full price (with multiple offers)
Port Moody Condo Opportunities:
Strata is currently on the tipping point of having a very strong year.
At the time of this podcast, there are 4 or 5 projects for pre-sale. Unfortunately, the majority of these units are either sold out or close to selling out. More new construction is still to come, so keep an eye out or contact us for updates and more information as they become available.
There is also a lot of opportunity in Port Moody’s investment properties for those who cannot buy their dream home in the area just yet. Monica recommends that you purchase a property that you can afford and then rent it out. This way, you can build equity to put towards another house in the future. Try not to stretch yourself too far to buy something in the beginning – it is important to make the moves as you feel ready to do so.
If you find yourself at the top of your budget, try looking into older buildings and complexes. Monica suggests looking into Brookside or the College Park area, which offers well-maintained properties with fantastic floor plans and a great community.
Predictions for Port Moody Condo Trends:
Monica and Denny share that they see a trickle-down effect when it comes to properties in Port Moody. Single family homes are increasing in value, and some homebuyers are unfortunately unable to afford the current prices. As more people opt for townhouses, those prices also increase as the competition grows. Because of this, some buyers are turning to the more affordable condo alternative.
Port Moody Realtors normally see this pattern taking years to reach condos. However, condo prices are already starting to rise. Monica and Denny predict that condo prices will continue to grow over the next six months. It will be interesting to see if the increase continues at the same rate or cools down with less significant price point jumps.
Monica hopes that more inventory will be available soon as more home buyers want to move into the very desirable city of Port Moody.
Check out Port Moody Single Family Home Update with Monica for more details on the rising prices of detached houses and how it is affecting the market.
Are you interested in what is for sale in Port Moody? Visit our Port Moody Real Estate page to find out more about this beautiful city and some of the listings we have to offer!