New West condo's under $400k in great demand as the rest of the market slows

New Westminster’s condo and townhouse real estate market is showing signs of a slowdown similar to other regions. Home inventory increased for the 7th month straight in July, prices have flattened, and sales have dipped.  Buyer’s are able to take more time in their home search while Seller’s need to price more sharply to attract attention. The greatest demand in July was for homes under $400K.

Here’s the breakdown for condo’s & town homes in New West in July:

Overall a Sellers market at *41% list to sales ratio, a 4.1 out of 10 home selling rate
The most active price range was for homes priced between $300k-$400K.
Homes are selling on average 1% below list price
Buyer’s Best Bet: Homes between $700K to $800K, Queensborough and 2 bedroom properties.
Seller’s Best Bet: Selling Homes in the Quay and up to 1 bedroom properties.

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*Buyer’s Market 1-11%, Balanced Market 12-20%, Seller’s Market 21% and up

All stats derived from Dean Wegman & SnapStats.