new westminster CONDO - MARCH 2 0 2 4
SALES TO LISTINGS RATIO 39% SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 7% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 9% VS 2023
▲ 11% VS 2023
▲ 56% VS 2023
▼ 4% VS 2023
There were 189 condo listings in New Westminster in March, 10% above February and 56% higher than March 2023. March condo sales increased by 16% month-over-month, to 73, and were 4% below March 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
The sales-to-listing ratio for condos in New Westminster, at 39%, reflected a sellers' market.
TOTAL INVENTORY TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$757 $658,100 $645,000 39% 73 189
$708 $603,853 $582,500 63% 76 121
7% 9% 11% -39% -4% 56%
$723 $652,619 $610,000 37% 63 172
16% 10%
The condo median price in March was $645,000, a 6% increase from February and 11% above March 2023. The average sold price was $658,100, 0.8% above last month; the average PSF sale price was $757, up 5% to last month.
6% 5%
5% 0.8%
▶ AVG PRICE PER SQUARE FOOT
▶ RECENT TRENDS
● MAR 2023 ● MAR 2024
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
181
178
189
173
172
172
164
130
127
148
138
121
130
96
78
76
63
73
82
59
72
47
62
55
41
33
$650K
$648K
$640K
$645K
$629K
$610K
$613K
$610K
$610K
$599K
$594K
$593K
$583K
NEW WESTMINSTER
REBGV
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET 21% +
BALANCED 12 - 20%
BUYERS' MARKET <12%
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● S-L RATIO
80
70
4+ bdrms
4
60
50
6
51%
3 bdrms
40
21
40%
30
31%
42
20
2 bdrms
111
8%
10
0
25
<$600K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M+
<2 bdrms
S-L RATIO SALES INVENTORY
63 25 40%
76 39 51%
26 8 31%
12 1 8%
9 0 n/a
2 0 n/a
1 0 n/a
53
Copyright © 2024 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of April 10, 2024. All data from Greater Vancouver REALTORS®, Fraser Valley Real Estate Board, Whistler Listings System, and rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 31 ●
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