Current: Richmond is in a Buyer's Market with average Listings, 7 %SOLD rate and a 92% Sell/List Ratio. (This means that there is an average of $158,000 Discount on a sale from the original list price)
Most Active Range: Homes between $1.1 mill. - $1.3 mill. have 17.9 %SOLD rate.
Least Active Range: Homes above $3 mill. have 2.1 %SOLD rate.
History: The Richmond Year-To-Date Home Price Index HPIp (Top 50%) shows that prices decreased $167,504.
The Richmond Year-To-Date Home Price Index HPIp (Lower 50%) shows that prices decreased $67,656.
*The HPIp (Home Price Index) is an approximate reflection of the Average Home Price Changes.
Forecast: Richmond has 849 homes are for sale and with the 7 %SOLD monthly rate gives us a ~14 months of inventory. 11% of the active listings have reduced their price by $124,755 on average or $90,000 median for the last month. We project Richmond to be a continued Buyers market.
July's Real Estate Statistics shows 76% of Vancouver's Detached Markets decreased values in this last month. Overall, Single Family Homes in Metro Vancouver experienced an Average Monthly Price decrease of $23,555 which displays a continuous decline from $11,020 price drop we saw in the month prior. On Average, the Fraser Valley Market shows $6,842 monthly price decrease which is a minimal improvement compared with $8,889 decrease that we saw in the month prior. With the latest trade tariffs, foreign buyer taxes, higher personal taxes, tough mortgage lending rules and the pending interest rate increase, we are still forecasting a Buyer's Market across the Detached Markets.
Currently, the Condo Market continues to present a Cooler Market with 57% of the Greater Vancouver (Lower Mainland) now decreasing. At the same time, just 39% of the Townhouse Markets are increasing (11 out of 28 Markets). Both Markets remain to signify Buyer's "Watching and Waiting" behavior which is also seen at the end of the previous quarter. We are still forecasting a Buyers Market in the lower end 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 Neighbourhood.