Current: Richmond is in a Buyer Market with average Listings, 7 %SOLD rate and a 93% Sell/List Ratio.
(This means that there is an average of $107,000 Discount on a sale from the original list price)
Most Active Range: Homes below $1.1 mill. have 17.9 %SOLD rate.
Least Active Range: Homes between $2.2 mill. - $2.5 mill. have 3.0 %SOLD rate.
History: The Richmond Year-To-Date Home Price Index HPIp (Top 50%) shows that prices decreased $121,462.
The Richmond Year-To-Date Home Price Index HPIp (Lower 50%) shows that prices decreased $6,848.
*The HPIp (Home Price Index) is an approximate reflection of the Average Home Price Changes.
Forecast: Richmond has 472 homes are for sale and with the 7 %SOLD monthly rate gives us a ~14 months of inventory. 5% of the active listings have reduced their price by $92,432 on average or $95,500 median for the last month. We project Richmond to be a continued Buyer market.
June's Real Estate Statistics still shows that 86% of Single-Family Homes in Metro Vancouver are in a Seller's Market. The Average Monthly Prices increased $4,262 which is almost the same price increase we saw last March. On the other hand, Fraser Valley Single Family Homes had a $2,625 monthly price increase. We saw a 50% increase in sales last month and a significant increase in new listings. Thus, we are forecasting that the Markets will start to stabilize this coming month.
Currently, Condos are in a Seller Market with 57% of the Greater Vancouver (Lower Mainland) Condo Prices increasing. On average, the Condo Market went up $323. At the same time, the Townhouse Markets increased $1,529. That is 75% increased (21 out of 28 Markets). We analyze and provide 97 individual City's Home Price Indexes to supply you the MOST ACCURATE Market Trends every Saturday. 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.