{"id":22646,"date":"2017-05-12T11:02:45","date_gmt":"2017-05-12T11:02:45","guid":{"rendered":"https:\/\/www.garbuttdumas.ca\/?p=22646"},"modified":"2020-04-16T19:41:01","modified_gmt":"2020-04-16T19:41:01","slug":"new-westminster-housing-market-update-may-2017","status":"publish","type":"post","link":"https:\/\/www.garbuttdumas.ca\/2017\/05\/12\/new-westminster-housing-market-update-may-2017\/","title":{"rendered":"New Westminster Housing Market Update May 2017"},"content":{"rendered":"

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

May is here and it\u2019s time for another\u00a0New Westminster<\/a>\u00a0housing market update.<\/span><\/p>\n

It\u2019s been a bit of a crazy year, it started off with a lot of snow, followed by a lot of rain, which delayed everything and affected the number of sales that have taken place. In fact, numbers are down considerably. The number of sales of detached homes in New Westminster to date is 62. At this time last year, that number was 186–that’s essentially a third of the number of sales compared to last year and about half the number of sales compared to 2015. Not surprising considering the weather and considering everything that\u2019s happened lately, and, openly, there just hasn\u2019t been a lot of product and a lot of overpriced listings have been sitting on the market.<\/span><\/p>\n

https:\/\/youtu.be\/dhIEHzfz7pg<\/p>\n

The\u00a0sales ratio<\/a>\u00a0is 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.<\/span>\u00a0The sales ratio for detached homes in New Westminster is 30% across the board. That means, that of ten listings, 3 of them sell in a given month. Anything north of 21% is considered a seller\u2019s market, so the market still is strong. Isolating the ratio to\u00a0focus mainly on a lower price point, say detached homes under $1.2 million, the sales ratio goes from 30% to 70%. That means the out of 10 listings, 7 of them are selling in a given month, and that is a very strong seller\u2019s market. So there\u2019s clear demand for the more affordable price points. <\/span><\/p>\n

The average detached home sold this year is going for $1.125 million and the average high sales of the year is $2.3 million; but there were two sales north of $2.2 million, both\u00a0in ‘Queens Park<\/a>‘. <\/span><\/p>\n

The REBGV<\/a> has shown that prices for detached homes in New Westminster have gone up 8% from this time last year; but we\u2019re finding that, for nice family layouts, in a good location, in good shape, in the more affordable price bracket, they\u2019re up about 10%. The busy street homes, the ones that have the land value, are\u00a0struggling a bit; they\u2019re at par with April of last year or maybe even a little bit below. <\/span><\/p>\n

Moving forward, I expect the market activity to increase quite a bit; I think sales are just starting to ramp up\u00a0and that the summer is going to be a busy one. Talk about things such as coach homes for lots over 6000sqft has held back a lot of the inventory as owners wait to see what happens. But, the weather is getting better and the supply is low and the demand is high, so if you are a homeowner and you\u2019re thinking of selling, now is the time to do so.<\/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
\nGreater Vancouver\u00a0Realtor<\/p>\n","protected":false},"excerpt":{"rendered":"

MARKET UPDATE BY NEW WESTMINSTER REALTOR JAMES GARBUTT May is here and it\u2019s time for another\u00a0New Westminster\u00a0housing market update. It\u2019s been a bit of a crazy…<\/p>\n","protected":false},"author":3,"featured_media":16579,"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":[890,887],"tags":[360,428,530,536,626,765,811],"acf":[],"taxonomy_info":{"category":[{"value":890,"label":"Videos"},{"value":887,"label":"Your Community"}],"post_tag":[{"value":360,"label":"housing market update"},{"value":428,"label":"Market Update"},{"value":530,"label":"new westminster real estate"},{"value":536,"label":"new westminster realtor"},{"value":626,"label":"real estate"},{"value":765,"label":"top real estate agent"},{"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},{"term_id":887,"name":"Your Community","slug":"your-community","term_group":0,"term_taxonomy_id":887,"taxonomy":"category","description":"","parent":0,"count":146,"filter":"raw","cat_ID":887,"category_count":146,"category_description":"","cat_name":"Your Community","category_nicename":"your-community","category_parent":0}],"tag_info":[{"term_id":360,"name":"housing market update","slug":"housing-market-update","term_group":0,"term_taxonomy_id":360,"taxonomy":"post_tag","description":"","parent":0,"count":4,"filter":"raw"},{"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":530,"name":"new westminster real estate","slug":"new-westminster-real-estate","term_group":0,"term_taxonomy_id":530,"taxonomy":"post_tag","description":"","parent":0,"count":47,"filter":"raw"},{"term_id":536,"name":"new westminster realtor","slug":"new-westminster-realtor","term_group":0,"term_taxonomy_id":536,"taxonomy":"post_tag","description":"","parent":0,"count":268,"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":765,"name":"top real estate agent","slug":"top-real-estate-agent","term_group":0,"term_taxonomy_id":765,"taxonomy":"post_tag","description":"","parent":0,"count":5,"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\/22646"}],"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=22646"}],"version-history":[{"count":1,"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/posts\/22646\/revisions"}],"predecessor-version":[{"id":45222,"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/posts\/22646\/revisions\/45222"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/media?parent=22646"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/categories?post=22646"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/tags?post=22646"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}