Current: Richmond is in a Buyer's Market with average Listings, 5 %SOLD rate and a 92% Sell/List Ratio.
(This means that there is an average of $138,000 Discount on a sale from the original list price)
Most Active Range: Homes between $1.1 mill. - $1.3 mill. have 14.0 %SOLD rate.
Least Active Range: Homes between $1.5 mill. - $1.7 mill. have 1.4 %SOLD rate.
History: The Richmond Year-To-Date Home Price Index HPIp (Top 50%) shows that prices decreased $102,393.
The Richmond Year-To-Date Home Price Index HPIp (Lower 50%) shows that prices decreased $84,161.
*The HPIp (Home Price Index) is an approximate reflection of the Average Home Price Changes.
Forecast: Richmond has 777 homes are for sale and with the 5 %SOLD monthly rate gives us a ~20 months of inventory. 11% of the active listings have reduced their price by $124,835 on average or $90,000 median for the last month. We project Richmond to be a continued Buyer's market.
January's Real Estate Statistics shows 69% of Vancouver's Detached Markets values experienced an Average Monthly Price decrease of $13,255 which more than last December's price drop of $11,497. On Average, the Fraser Valley Market shows a $3,389 monthly price decrease. Consumer confidence has been damped with the Volatile Stock Markets, tougher mortgage lending rules, and pending interest rate increases. We are forecasting a Buyer's Market across most Detached Markets for the following months.
Currently, the Condo Market presents a Cool Market with 77% of the Greater Vancouver (Lower Mainland) now decreasing. At the same time, 71% of Townhouse Markets are decreasing. (20 out of 28 Markets). Both Markets still indicate a Buyer's "Wait-To-Drop-More" behavior for the last 3 quarters. We are forecasting a Buyer’s Market in all Condo/Townhouse Markets for the foreseeable future. We analyze and provide 97 individual City's Home Price Indexes to supply you the MOST ACCURATE Market Trends every 2 weeks. Please contact us for your own Market Value Update with an in-depth Analysis and Forecast in your Local Market Area and more specifically - Your Neighborhood.