New Westminster's real estate market went through a bit of a roller coaster last month.
The benchmark price for New West residential properties hit $840,500 in September, a decrease of nearly one per cent from August.
As well, $1,538,600 was the median for locally listed single family detached homes (-3.1 per cent), $971,900 for a townhouse (+1.3 per cent) and $661,900 for an apartment (+0.4 per cent).
But while some prices dipped, the latest report from the Real Estate Board of Greater Vancouver (REBGV) shows a decrease in monthly sales across the board.
A total of 72 residences were sold in September across New Westminster, including 55 apartments, 11 detached and six attached.
Those all represent declines from the 87 taken off the market in August — 42.1 per cent for detached, 14.3 per cent for attached and 9.8 per cent for apartments.
There were 171 listings in the MLS, which was the exact same number of homes up for grabs in September 2022 and just under the 174 available in August.
"The upward shift in new listings [across Metro Vancouver] has allowed overall inventory levels to recover modestly from the low levels we saw earlier this year," said REBGV spokesperson Andrew Lis in a release.
"When we pair this dynamic with the slowdown in sales… the outcome is more balanced market conditions overall."
Metro Vancouver sales totalled 1,926 in September, a 13.2 per cent increase from the 1,701 sales recorded in September 2022, but 26.3 per cent below the 10-year seasonal average.
There was a total of 5,446 residential properties newly listed for sale on the multiple listing service in Greater Vancouver in September 2023. This represents a 28.4 per cent increase compared to September 2022.
Areas covered by the REBGV include Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver and Whistler.
- with a file from Western Investor
