new westminster CONDO - MAY 2 0 2 4
SALES TO LISTINGS RATIO 34% SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 1.0% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 95% VS 2023
▼ 2% VS 2023
▼ 0.7% VS 2023
▼ 9% VS 2023
There were 253 condo listings in New Westminster in May, 9% above April and 95% higher than May 2023.
May condo sales increased by 13% month-over-month, to 87, and were 9% below May 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
The sales-to-listing ratio for condos in New Westminster, at 34%, re(ected a sellers' market.
TOTAL INVENTORY TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$717 $653,087 $645,000 34% 87 253
$724 $669,623 $649,500 74% 96 130
-1% -2% -0.7% -53% -9% 95%
$731 $662,844 $626,000 33% 77 232
3% 4% 13% 9%
The condo median price in May was $645,000, a 3% increase from April and 0.7% below May 2023. The average sold price was $653,087, 1.5% below last month; the average PSF sale price was $717, down 1.9% to last month.
-1.9% -1.5%
▶ AVG PRICE PER SQUARE FOOT
▶ RECENT TRENDS
● MAY 2023 ● MAY 2024
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
253
232
181
178
173
172
189
172
164
148
130
138
130
96
78
73
87
63
59
82
47
77
62
55
41
33
$650K
$648K
$640K
$645K
$645K
$629K
$626K
$613K
$610K
$610K
$599K
$594K
$593K
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
70
2
89%
60
4+ bdrms
3
50
10
40
3 bdrms
50%
21
30
38%
34% 31% 31%
28%
20
45
2 bdrms
12%
157
10
0
30
<$400K $400K-499K $500K-599K $600K-699K $700K-799K $800K-899K $900K-999K $1.0M+
<2 bdrms
S-L RATIO SALES INVENTORY
4 2 50%
18 16 89%
67 19 28%
56 19 34%
51 16 31%
32 10 31%
8 3 38%
17 2 12%
72
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 June 10, 2024. All data from Greater Vancouver REALTORS®, Fraser Valley Real Estate Board, Whistler Listing 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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