Current: Richmond is in a Buyer Market with average Listings, 8 %SOLD rate and a 91% Sell/List Ratio.
(This means that there is an average of $147,000 Discount on a sale from the original list price)
Most Active Range: Homes below $1.1 mill. have 14.3 %SOLD rate.
Least Active Range: Homes above $3 mill. have 2.9 %SOLD rate.
History: The Richmond Year-To-Date Home Price Index HPIp (Top 50%) shows that prices decreased $184,052.
The Richmond Year-To-Date Home Price Index HPIp (Lower 50%) shows that prices decreased $140,644.
*The HPIp (Home Price Index) is an approximate reflection of the Average Home Price Changes.
Forecast: Richmond has 794 homes are for sale and with the 8 %SOLD monthly rate gives us a ~13 months of inventory. 20% of the active listings have reduced their price by $173,945 on average or $108,500 median for the last month. We project Richmond to be a continued Buyer market.
September's Real Estate Statistics shows 64% of Vancouver's Detached Home decreased in values this month. Overall, Single Family Homes in Metro Vancouver experienced an Average Monthly Price Decrease of $9,192. This is a positive improvement from the $13,210 drop we saw in August. On the other hand, the Fraser Valley also shows a minimal monthly price decrease of just $1,512. With some buyer hesitation because of the pending election outcome, we are forecasting Declining Detached Home Prices across most of the Fraser Valley and Vancouver Markets the next month.
Currently, the Condo Market presents a Cool Market with 70% of the Greater Vancouver (Lower Mainland) Condo Prices decreasing $2,282 on average. Many new Condo Projects are now competing against the existing market. On the same note, 50% of the Townhouse Markets decreased $1,271 on average (14 out of 28 Markets). We are forecasting a Buyer's 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.