Current: Richmond is in a Buyer's Market with average Listings, 4 %SOLD rate and a 89% Sell/List Ratio.
(This means that there is an average of $185,000 Discount on a sale from the original list price)
Most Active Range: Homes between $1.1 mill. - $1.2 mill. have 12.2 %SOLD rate.
Least Active Range: Homes above $3 mill. have 0.7 %SOLD rate.
History: The Richmond Year-To-Date Home Price Index HPIp (Top 50%) shows that prices decreased $73,764.
The Richmond Year-To-Date Home Price Index HPIp (Lower 50%) shows that prices decreased $195,924.
*The HPIp (Home Price Index) is an approximate reflection of the Average Home Price Changes.
Forecast: Richmond has 782 homes are for sale and with the 5 %SOLD monthly rate gives us a ~25 months of inventory. 6% of the active listings have reduced their price by $156,274 on average or $110,000 median for the last month. We project Richmond to be a continued Buyer's market.
May's Real Estate Statistics shows 64% of Vancouver's Detached Markets values decreased this month. Generally, Single Family Homes in Metro Vancouver experienced an Average Monthly Price Decrease of $14,880, which is a significant decline from last month's $8,007 price drop. On the other hand, the Fraser Valley shows a steady Market with the monthly price increase of $1,580. The following month's forecasts for Detached Homes are: a continued Buyer's Market across most of Vancouver and a Stable Market over most of the Fraser Valley.
Currently, the Condo Market presents a Warmer Market with 43% of the Greater Vancouver (Lower Mainland) Condo Prices Increasing. On the same note, 46% of the Townhouse Markets are Increasing. (13 out of 28 Markets). We are forecasting a Buyers’ Market in most Condo and Townhouse Markets for the coming month. 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.