Current: Richmond is in a Buyer's Market with average Listings, 6 %SOLD rate and a 93% Sell/List Ratio.
(This means that there is an average of $131,000 Discount on a sale from the original list price)
Most Active Range: Homes below $1.1 mill. have 20.6 %SOLD rate.
Least Active Range: Homes above $3 mill. have 1.0 %SOLD rate.
History: The Richmond Year-To-Date Home Price Index HPIp (Top 50%) shows that prices decreased $132,553.
The Richmond Year-To-Date Home Price Index HPIp (Lower 50%) shows that prices decreased $101,829.
*The HPIp (Home Price Index) is an approximate reflection of the Average Home Price Changes.
Forecast: Richmond has 853 homes are for sale and with the 6 %SOLD monthly rate gives us a ~17 months of inventory. 7% of the active listings have reduced their price by $132,108 on average or $100,000 median for the last month. We project Richmond to be a continued Buyers market.
September's Real Estate Statistics shows 62% of Vancouver's Detached Markets values experienced an Average Monthly Price decrease of $9,914. As a whole, this marks an improvement from the $26,380 drop that we saw in the month prior. On Average, Single Family Homes in Fraser Valley experienced an Average Monthly Price decrease of $7,980 which is less than the price drop of $14,299 that we saw in the month prior. Consumer confidence has been boosted with our new NAFTA trade agreement, but offset with the continued tougher mortgage lending rules and pending interest rate increases. We are still forecasting a Buyer's Market across most Detached Markets for the following month.
Currently, the Condo Market continues to present a Cool Market with 63% of the Greater Vancouver (Lower Mainland) now decreasing. At the same time, 86% of the Townhouse Markets are decreasing. (24 out of 28 Markets). Both Markets indicate a Buyer's "Taking a Rain check" behavior for the last 2 quarters. We are still forecasting a Buyers Market in all 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 Neighborhood.