City of New Westminster – Housing Market Update
The beautiful and classic city of New Westminster is an excellent place to live. With the addition of the Evergreen Extension and the two Expo Line routes that pass through, connecting New Westminster to Coquitlam, North Burnaby, Vancouver and Surrey, we can only expect promising changes to this market.
Here’s the October market report from REBGV!
The condo market in New Westminster continues to be fast paced, with 87 sales and 157 listings in the last month! The benchmark price for a condo in New Westminster was $376,800 in the month of October. Many new condos are placed onto the market every day. It’s an ideal time for buyers as many homeowners are in the mindset of selling.
The benchmark price for detached homes was $1,046,000 and the market has not changed drastically over the last month. Homes continue to be listed and sold at a slightly faster pace than the previous month, lasting an average of 23 days on the market before being sold.
The market for townhomes in New Westminster continues to move at a fast pace. The limited inventory of 15 active listings means that listings to sell within 8 days of being listed! If you’re looking to get into the townhome market, let us know so that we can send you alerts as soon as a new property becomes available!
The majority of detached properties in New Westminster fall in the $900k to $1,500k range. Listings and sales are spread out throughout the entire city and do not have any tendency to concentrate in any specific neighbourhood.
Most condos in New Westminster fall within the $400k to $900k range, with a good number of lower priced ones available as well. Higher priced condos tend to be listed in the Fraserview NW region, while other hot locations include Downtown NW, Quay, and Uptown NW.
Townhomes in New Westminster also fall within the $400k to $900k range. Key neighbourhoods with townhomes for sale are Fraserview NW, Queensborough, and GlenBrooke North.
Despite the recent market craze, detached homes in New Westminster have dropped back to a balanced market. Prices of condos and townhomes are slowly falling and the sales-to-active ratios are falling back towards the buyer’s favour, but remain in a seller’s market.
Here are some properties for sale in New Westminster.
Thinking of buying or selling? Get in touch – we can help!