New Westminster Real Estate Market Update – February 2025

A Market in Transition: New Westminster’s February Trends

As we move through the first quarter of 2025, New Westminster’s real estate market is showing signs of shifting dynamics. Inventory levels are fluctuating across all property types, and while demand remains steady, we are seeing longer days on market and mixed pricing trends.

Detached homes, condos, and townhomes are all experiencing different levels of activity, making it crucial for buyers and sellers to stay informed. Let’s dive into the key numbers shaping New Westminster’s housing market this month.

Key Market Stats for February 2025

Detached Homes

  • Total Active Listings: 100 (+22.0% YoY)
  • Sales: 11 (+10.0% YoY)
  • Days on Market (DOM) Average: 42 (unchanged YoY)
  • MLS® HPI Benchmark Price: $1,574,200 (+0.8% YoY)

Condos

  • Total Active Listings: 299 (+68.9% YoY)
  • Sales: 69 (+9.5% YoY)
  • Days on Market Average: 32 (+10.3% YoY)
  • MLS® HPI Benchmark Price: $657,600 (+0.6% YoY)

Townhomes

  • Total Active Listings: 28 (-17.6% YoY)
  • Sales: 8 (+60.0% YoY)
  • Days on Market Average: 52 (+300.0% YoY)
  • MLS® HPI Benchmark Price: $950,700 (+1.6% YoY)

Market Trends & Expert Insights

  • Detached Market Holding Steady: Detached homes in New Westminster saw a modest price increase (+0.8% YoY) while sales rose 10% compared to last year. Notably, homes are taking just as long to sell as they did a year ago (42 days on average), signaling stable buyer interest despite increased inventory (+22.0% YoY).
  • Condos Driving Inventory Growth: The condo market is experiencing a surge in supply, with a 68.9% jump in active listings compared to last year. While sales are also up (+9.5% YoY), the increased competition is likely contributing to slightly longer selling times (+10.3% YoY). The benchmark price remains largely unchanged (+0.6% YoY), reflecting a balanced market dynamic.
  • Townhomes: Limited Supply, Surging Demand: Unlike condos and detached homes, townhome inventory has declined (-17.6% YoY), yet sales have jumped 60% year-over-year. However, homes are taking significantly longer to sell (52 days on average, up 300% YoY), which could indicate a more selective buyer pool or pricing mismatches.
  • Sales-to-Active Ratio Insights:
    • Townhomes: 28.6% (Seller’s Market)
    • Condos: 23.1% (Balanced Market)
    • Detached Homes: 11.0% (Buyer’s Market)
       The higher absorption rate for townhomes suggests stronger demand relative to supply, while detached homes lean towards a buyer’s market, giving purchasers more negotiating power.

What This Means for Buyers & Sellers

For Buyers:

  • Condo buyers may find more selection and room for negotiation due to rising inventory levels.
  • Detached home buyers should expect stable pricing, but the increased inventory could create more competition among sellers, leading to potential price adjustments.
  • Townhome buyers may face stronger competition due to limited supply, but longer days on market suggest opportunities for strategic offers.

For Sellers:

  • Pricing competitively remains key, especially in the condo and detached segments where inventory is growing.
  • Sellers in the townhome market can still command strong prices, but longer selling times mean patience is required.
  • Well-presented, well-priced homes continue to sell—overpricing could lead to extended time on the market.

Final Thoughts

New Westminster’s real estate market is showing diverse trends across different property types, making it essential for buyers and sellers to stay informed. Whether you’re considering a move or simply keeping an eye on the market, understanding these shifts will help you make smart decisions.

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