Current: Richmond is in a Buyer's Market with average Listings, 6 %SOLD rate and a 92% Sell/List Ratio.
(This means that there is an average of $150,000 Discount on a sale from the original list price)
Most Active Range: Homes below $1.1 mill. have 19.2 %SOLD rate.
Least Active Range: Homes above $3 mill. have 1.1 %SOLD rate.
History: The Richmond Year-To-Date Home Price Index HPIp (Top 50%) shows that prices decreased $122,682.
The Richmond Year-To-Date Home Price Index HPIp (Lower 50%) shows that prices decreased $80,865.
*The HPIp (Home Price Index) is an approximate reflection of the Average Home Price Changes.
Forecast: Richmond has 865 homes are for sale and with the 6 %SOLD monthly rate gives us a ~17 months of inventory. 10% of the active listings have reduced their price by $121,124 on average or $95,500 median for the last month. We project Richmond to be a continued Buyers market.
October's Real Estate Statistics show our Markets have started to Stablize with 48% of Vancouver's Detached Markets increasing values this month. Overall, Single Family Homes in Metro Vancouver experienced an Average Monthly Price Decrease of $7,184, which is less than the $9,914 decrease that we saw in the month prior. On Average, Out in the Fraser Valley, the Markets decreased $4,586 this month. Consumer confidence has been boosted with our new NAFTA-USMCA trade agreement but offset with the continued tougher mortgage lending rules and interest rate increases. We are still forecasting a Stable Market across most Detached Markets for the following month.
Currently, the Condo Market continues to present a Cool Market with 63% of the Greater Vancouver (Lower Mainland) now decreasing. At the same time, 61% of the Townhouse Markets are decreasing (11 out of 28 Markets). We are still 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.