Richmond  Market Reports and Forecasts  
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Richmond Market Update (Detached) namely: Lackner, Riverdale, Granville, Seafair, Broadmoor and all the sub-areas of Richmond Real Estate Market Update Report.

Current: Richmond is in a Stable Market with average Listings, 14 % SOLD rate and a 97% Sell/List Ratio.
                       (This means that there is an average of $49,000 Discount on a sale from the original list price)

Most Active Range: Homes between $1.65 mill.- $1.9 mill. have 25.2 %SOLD  rate.
Least Active Range: Homes between $3.4 mill.-$4 mill. have 1.6 %SOLD  rate.

History: The Richmond Year-To-Date Home Price Index HPIp (Top 50%) shows that prices decreased $4,953.
                The Richmond Year-To-Date Home Price Index HPIp (Lower 50%) shows that prices increased $94,263.
                *The HPIp (Home Price Index) is an approximate reflection of the Average Home Price Changes.

Forecast: Richmond has 539 homes are for sale and with the 14 %SOLD monthly rate gives us a ~7 months of inventory. 7% of the active listings have reduced their price by $123,016 on average or $90,010 median for the last month. We project Richmond now to be in a Stable market.

Greater Vancouver October 2024:

October's real estate report shows that 52% of detached homes in Greater Vancouver lost value this month. On average, single-family homes in Metro Vancouver saw a price drop of $1,045. With mortgage rates going down, buyers will be more active, especially in the condo and townhouse markets. We forecast that the Metro Vancouver area to remain a buyer's market until the end of the year.

In October, the average price of condos decreased by $3,925, and townhouses saw a decline of $3,155. We forecast that the condo and townhouse markets will remain a buyer's market in the coming months.

To keep up with the latest market trends, tune in every Saturday at noon on VancouverMarketReports.com. We analyze which areas in the Lower Mainland are rising or falling. For a full update on market values, forecasts, and a detailed analysis of your neighborhood, reach out to Bill Coughlin and the Coughlin Team at 778-374-3744.

Fraser Valley October 2024:

October's real estate statistics show that 50% of detached homes in the Fraser Valley lost value this month. Overall, single-family homes in the Fraser Valley had an average price drop of $2,083. With mortgage rates going down, buyers will be more active, especially in the condo and townhouse markets. For now, we expect the Fraser Valley to remain a buyer's market until the end of the year.

In October, the average price of condos decreased by $1,364, and townhouses saw a decline of $940. We forecast that the condo and townhouse markets will remain a buyer's market in the coming months.

To keep up with the latest market trends, tune in every Saturday at noon on VancouverMarketReports.com. We analyze which areas in the Lower Mainland are rising or falling. For a full update on market values, forecasts, and a detailed analysis of your neighborhood, reach out to Bill Coughlin and the Coughlin Team at 778-374-3744.

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