Current: Richmond is in a Buyer's Market with average Listings, 5 %SOLD rate and a 92% Sell/List Ratio.
(This means that there is an average of $138,000 Discount on a sale from the original list price)
Most Active Range: Homes between $1.1 mill. - $1.3 mill. have 14.0 %SOLD rate.
Least Active Range: Homes between $1.5 mill. - $1.7 mill. have 1.4 %SOLD rate.
History: The Richmond Year-To-Date Home Price Index HPIp (Top 50%) shows that prices decreased $102,393.
The Richmond Year-To-Date Home Price Index HPIp (Lower 50%) shows that prices decreased $84,161.
*The HPIp (Home Price Index) is an approximate reflection of the Average Home Price Changes.
Forecast: Richmond has 777 homes are for sale and with the 5 %SOLD monthly rate gives us a ~20 months of inventory. 11% of the active listings have reduced their price by $124,835 on average or $90,000 median for the last month. We project Richmond to be a continued Buyer's market.
November's Real Estate Statistics shows Vancouver's Detached Markets values experienced an Average Monthly Price decrease of $11,521. This exceeds the $7,184 drop that we saw in the month prior. On Average, the Fraser Valley Market had a $7,425 monthly price decrease. Consumer confidence has been boosted with our new NAFTA trade agreement but offset with the continued, the GM plant shutdown in Oshawa, on tougher mortgage lending rules and pending interest rate increases. We are still forecasting a Buyer's Market across most Detached Markets for the following months.
Currently, the Condo Market continues to present a Cool Market with 87% of the Greater Vancouver (Lower Mainland) now decreasing. At the same time, 89% of Townhouse Markets are decreasing. (25 out of 28 Markets). We are still forecasting a Buyer’s 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.