{"id":22640,"date":"2017-05-12T10:51:02","date_gmt":"2017-05-12T17:51:02","guid":{"rendered":"https:\/\/www.garbuttdumas.ca\/?p=22640"},"modified":"2017-05-12T10:51:02","modified_gmt":"2017-05-12T17:51:02","slug":"new-westminster-condo-market-update-may-2017","status":"publish","type":"post","link":"https:\/\/www.garbuttdumas.ca\/2017\/05\/12\/new-westminster-condo-market-update-may-2017\/","title":{"rendered":"New Westminster Condo Market Update for May 2017"},"content":{"rendered":"

MARKET UPDATE BY NEW WESTMINSTER REALTOR JAMES GARBUTT<\/span><\/h4>\n

May is here and it\u2019s time for a condo market update for New Westminster<\/a>.<\/span><\/p>\n

It\u2019s been a bit of a crazy year; we\u2019ve had some insane\u00a0weather and condos have been smoking hot. That\u2019s your update\u2014they\u2019re hot!<\/span><\/p>\n

Overall, the sales for the year are down a little bit from last year, but not significantly. We\u2019ve had 357 sales to date, compared to the same period last year which was 418, and in 330 in 2015. <\/span><\/p>\n

So even though there\u2019 s been a little bit of a decrease, we\u2019re up from 2015. The\u00a0sales ratio<\/a> for these condos, however, is up considerably.\u00a0The sales ratio is the sales-to-active listings ratio or the number of sales that take place in a given month divided by the number of active listings. A seller\u2019s market is considered to have a sales ratio of 21% or higher.<\/span>\u00a0Across the board, the New Westminster condo sales ratio is 76%–a smoking hot seller\u2019s market. That means that out of 10 active listings, 7.6 of them will sell in a given month.<\/span><\/p>\n

If we isolate the sales ratio to the hottest product right now–entry level one bedroom condos built after 2000–the\u00a0sales ratio is 183%! Which is ridiculous. It basically means that is you have a newer one bedroom condo to sell, it will sell immediately. And we\u2019ve been experiencing that. Keep in mind that that\u2019s 183% sales ratio when a seller\u2019s market is considered anything north of 21%. <\/span><\/p>\n

What are prices doing? Well, prices are up. The REBGV<\/a>\u00a0says\u00a0that prices are up 20% compared to this time last year. We\u2019ve had cases where the prices have been up 30%+. We recently listed four New Westminster condos that received 20 offers combined averaging $43,000 above their list prices. So, if you\u2019re a condo owner and you\u2019re looking to sell, it\u2019s a great time to do so; but figure out where you\u2019re going, because if you\u2019re buying another condo, it may be frustrating.<\/span><\/p>\n

https:\/\/youtu.be\/78axjT3Q_ho<\/p>\n

E<\/span>ssentially, everything in the strata seems to be quite active right now in New Westminster. The market is as good and as strong as we\u2019ve ever seen. <\/span><\/p>\n

On the buy side, expect frustration, expect competing offers and expect to pay more than the last sale. Things may slow down in the fall, but there\u2019s nothing telling us that right now. At the moment, it is a seller\u2019s market and New Westminster condos are hot.<\/span><\/p>\n

Full Real Estate Board of Greater Vancouver Stat Package for April 2017<\/span><\/a><\/p>\n

If you\u2019re thinking of buying, selling or just curious about the value of a property, contact us today!<\/span><\/p>\n

Contact Us Today<\/a><\/p>\n

James Garbutt
\nLocal New Westminster\u00a0Realtor<\/p>\n","protected":false},"excerpt":{"rendered":"

MARKET UPDATE BY NEW WESTMINSTER REALTOR JAMES GARBUTT May is here and it\u2019s time for a condo market update for New Westminster. It\u2019s been a bit…<\/p>\n","protected":false},"author":3,"featured_media":16599,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"footnotes":""},"categories":[890],"tags":[428,506,514,626,627,764,811],"acf":[],"taxonomy_info":{"category":[{"value":890,"label":"Videos"}],"post_tag":[{"value":428,"label":"Market Update"},{"value":506,"label":"new westminster"},{"value":514,"label":"new westminster condos"},{"value":626,"label":"real estate"},{"value":627,"label":"real estate agent"},{"value":764,"label":"top new westminster realtor"},{"value":811,"label":"Video Blog"}]},"featured_image_src_large":false,"author_info":{"display_name":"James Garbutt","author_link":"https:\/\/www.garbuttdumas.ca\/author\/james\/"},"comment_info":0,"category_info":[{"term_id":890,"name":"Videos","slug":"video-blog","term_group":0,"term_taxonomy_id":890,"taxonomy":"category","description":"","parent":0,"count":218,"filter":"raw","cat_ID":890,"category_count":218,"category_description":"","cat_name":"Videos","category_nicename":"video-blog","category_parent":0}],"tag_info":[{"term_id":428,"name":"Market Update","slug":"market-update","term_group":0,"term_taxonomy_id":428,"taxonomy":"post_tag","description":"","parent":0,"count":61,"filter":"raw"},{"term_id":506,"name":"new westminster","slug":"new-westminster","term_group":0,"term_taxonomy_id":506,"taxonomy":"post_tag","description":"","parent":0,"count":328,"filter":"raw"},{"term_id":514,"name":"new westminster condos","slug":"new-westminster-condos","term_group":0,"term_taxonomy_id":514,"taxonomy":"post_tag","description":"","parent":0,"count":56,"filter":"raw"},{"term_id":626,"name":"real estate","slug":"real-estate","term_group":0,"term_taxonomy_id":626,"taxonomy":"post_tag","description":"","parent":0,"count":343,"filter":"raw"},{"term_id":627,"name":"real estate agent","slug":"real-estate-agent","term_group":0,"term_taxonomy_id":627,"taxonomy":"post_tag","description":"","parent":0,"count":7,"filter":"raw"},{"term_id":764,"name":"top new westminster realtor","slug":"top-new-westminster-realtor","term_group":0,"term_taxonomy_id":764,"taxonomy":"post_tag","description":"","parent":0,"count":1,"filter":"raw"},{"term_id":811,"name":"Video Blog","slug":"video-blog","term_group":0,"term_taxonomy_id":811,"taxonomy":"post_tag","description":"","parent":0,"count":126,"filter":"raw"}],"_links":{"self":[{"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/posts\/22640"}],"collection":[{"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/comments?post=22640"}],"version-history":[{"count":0,"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/posts\/22640\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/media?parent=22640"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/categories?post=22640"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/tags?post=22640"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}