A dwindling number of listings and a surging number of buyers are combining to be good news for people selling their homes in New Westminster.
One recent New West house sale is proof of that as multiple offer madness meant the price of the house kept rising.
The house is 75 years old and sits on a 6,000-square-foot lot at 901 Chestnut with “amazing views of the river and mountains,” reads a listing post.
It just sold for $1,888,888 – which is $400,000 over the asking price. At 2,300 square feet, it pushed right into $2 million territory.
This sale follows a 111-year-old house at 423 Oak St. in Queen’s Park selling for $350,000 over the original asking price, according to this posting on Zealty.ca.
The house is under 2,000 square feet, renovated in 2008 and was selling for $1,450,000 and sold for $1.8 million in January.
It’s just another sign of how the market continues to scorch.
In New Westminster, there was a big jump in sales last month, with a total of 153 compared with just 98 in January. Of course, prices went up too as the median price for a detached house sold for $1.883,000 compared to $1.3 million in February 2021.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,424 in February 2022, a 49.8 per cent increase from the 2,285 homes sold in January 2022.
Last month’s sales were 26.9 per cent above the 10-year February sales average.
Follow Chris Campbell on Twitter @shinebox44.
