Current: Richmond is in a Stable Market with average Listings, 9 %SOLD rate and a 91% Sell/List Ratio.
(This means that there is an average of $119,000 Discount on a sale from the original list price)
Most Active Range: Homes below $1.1 mill. have 27.3 %SOLD rate.
Least Active Range: Homes above $3 mill. have 1.4 %SOLD rate.
History: The Richmond Year-To-Date Home Price Index HPIp (Top 50%) shows that prices decreased $173,260.
The Richmond Year-To-Date Home Price Index HPIp (Lower 50%) shows that prices decreased $138,613.
*The HPIp (Home Price Index) is an approximate reflection of the Average Home Price Changes.
Forecast: Richmond has 872 homes are for sale and with the 9 %SOLD monthly rate gives us a ~11 months of inventory. 7% of the active listings have reduced their price by $138,449 on average or $100,000 median for the last month. We project Richmond to be a continued Stable market.
July's Real Estate Statistics shows 74% of Vancouver's Detached Home decreased in values this month. Overall, Single Family Homes in Metro Vancouver experienced an Average Monthly Price Decrease of $22,076. This demonstrates a trend of deeper declines as evidenced from the $18,158 drop in June, $14,880 drop in May and the $8,007 drop in April. On the other hand, the Fraser Valley also shows a declined this month with the monthly price decrease of $3,176. We are forecasting Declining Detached Home Prices across most of the Fraser Valley and Vancouver Markets the next quarter.
Currently, the Condo Market presents a Cool Market with 87% of the Greater Vancouver (Lower Mainland) Condo Prices decreasing $6,482 on average. On the same note, 81% of the Townhouse Markets decreased $3,507 on average (23 out of 28 Markets). We are forecasting a Buyer’s Market in most Condo and Townhouse Markets for the coming quarter. 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.