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New Westminster house prices hit 13-month high: $1.67M

Is it good news or bad news? Both sales and prices climbed again in May.

Real estate sales — and prices — are on the upswing in New Westminster.

The month of May saw the highest level of detached home sales in the city since February of 2022, with 30 homes sold, according to MLS sales statistics from Zealty. 

That’s the highest since February 2022, which saw 32 detached homes sold — though still well off the two-year peak hit in May 2021, when 45 detached homes were sold.

The median sold price has climbed accordingly, hitting $1.67 million in May, compared to $1.549 million the month before.

That’s the highest median sold price since April 2022, when the median price for detached homes hit $1.7 million.

Apartment sales are following a similar trend, with 97 apartments sold in May — the highest since April 2022, when 102 apartments were sold. Again, this month was well off the two-year peak, which saw 149 sales in March 2022.

Prices, too, have risen, hitting a median sold price of $649,000 in May compared to $610,250 in April. It’s the highest median sold price reported since March 2022, when it hit $675,000.

Uptown was the most popular neighbourhood for apartment sales, with 30 apartments sold in May, followed by downtown with 21, and Sapperton and the Quay at 13 apiece.

For detached home sales, Glenbrooke North and Queensborough were the most popular, with six sales apiece.

What’s selling in New Westminster: Hot sellers in May 2023

On the detached home front, the fastest-selling properties in May both sold in four days on the market — and both over asking, according to their Zealty listings.

One was a 2,495-square-foot, five-bedroom 1952 home on Harvey Street (in the Heights) that sold for $1.6 million, over its asking price of $1,499,500.

The other was a 2,909-square-foot, five-bedroom 1948 home on Edinburgh Street (in the West End) that sold for $1.84 million, over its asking price of $1,775,000.

For apartments, the fastest seller was a two-bedroom corner unit in a 1974 building at 620 Eighth Ave. The 973-square-foot unit sold for $501,000, over its asking price of $482,800, after one day on the market, its Zealty listing notes.