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Fewer listings in November lead to 20% drop in New West home sales: data

Apartments were still the preferred buy, but it appears more New Westminster homeowners looking to sell held off on listing their properties.
A total of 65 homes sold in New Westminster in November, which was a 20 per cent decrease from October as a result of fewer preferred options for prospective buyers.

Prices for homes across all forms of real estate in New Westminster dropped modestly last month.

But so did sales, and that's normal, according to the Real Estate Board of Greater Vancouver (REBGV).

November recorded a benchmark price of $828,200 for local residential properties, the organization's latest data unveiled.

That represented a one per cent dip from October, according to the latest available data, which continues a consistent decline in the last three months and resulting in a 2.2 per cent dip.

The median price for New West single family detached homes and townhouses went down to $1,504,200 (-3.0 per cent) and $952,200 (-1.2 per cent) respectively.

The average for a New West apartment stayed the same between October and November at $658,000.

However, while prices may have slightly declined, not as many buyers looked to New Westminster in November as they did in October.

There were 65 homes that sold — 47 apartments, 13 detached and five attached — out of 131 MLS listings last month.

That's 16 fewer residences compared to 81 in October and a drop of nearly 20 per cent in local sales.

In a news release, the REBGV believes the decrease in each category also stems from current owners holding off listing their properties as other priorities took hold.

The number of active listings continue to build in Metro Vancouver, creating the largest selection since the heady days of 2021, and remained elevated in the Fraser Valley despite slower activity last month.

"We've been watching the number of active listings in our market increase over the past few months, which is giving buyers more to choose from than they’ve been used to seeing over the past few years," REBGV spokesperson Andrew Lis said in a statement of the monthly analysis.

"When paired with the seasonal slowdown in sales we typically see this time of year, this increase in supply is creating balanced conditions across Metro Vancouver’s housing market."

The benchmark price for Metro Vancouver residential properties in November was $1,185,100, up 4.9 per cent from a year earlier.

Regionally, the REBGV's data showed home sales in Metro Vancouver totalled 1,702 in November, which is a 4.7 per cent increase from the 1,625 sales recorded in the same month in 2022.

The final number, however, was 33 per cent below the 10-year seasonal average of 2,538 for November.

There were 3,369 new listings of detached, attached and apartment properties last month, a 9.8 per cent increase from November 2022, but new listings were 2.8 per cent less the 10-year seasonal average.

Areas covered by the REBGV include New Westminster, Burnaby, Coquitlam, Maple Ridge, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver and Whistler.

- with files from Peter Mitham, Western Investor