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Current: Richmond is in a Stable Market with average Listings, 15 % SOLD rate and a 96% Sell/List Ratio.
(This means that there is an average of $86,900 Discount on a sale from the original list price)
Most Active Range: Homes between $1.65 mill -$1.9 mill.have 34.4 %SOLD rate.
Least Active Range: Homes above $4 mill. have 0 %SOLD rate.
History: The Richmond Year-To-Date Home Price Index HPIp (Top 50%) shows that prices increased $72,271.
The Richmond Year-To-Date Home Price Index HPIp (Lower 50%) shows that prices increased $89,248.
*The HPIp (Home Price Index) is an approximate reflection of the Average Home Price Changes.
Forecast: Richmond has 405 homes are for sale and with the 15 %SOLD monthly rate gives us a ~7 months of inventory. 4% of the active listings have reduced their price by $189,065 on average or $100,000 median for the last month. We project Richmond now to be in a Stable market.
Greater Vancouver March 2024:
The average monthly cost for single-family detached homes has risen by $18,256, marking a slight decrease from February's average price of $20,376. Despite the difficulties caused by higher borrowing costs, rising prices, and the limited availability of listings, we predict that the real estate market will favor sellers for the next six weeks.
In Vancouver's condo market, 67% of condos have experienced an average price decrease of $8,951. Conversely, the average price of townhouses has climbed to $10,973, we are forcasting a continued Sellers Market.
For the most accurate and up-to-date market trends, join us every Saturday at noon on VancouverMarketReports.com, where we analyze the winners and losers in each Lower Mainland city. For a comprehensive market value update, including forecasts and a thorough analysis of your neighborhood and local market area, please don't hesitate to contact Bill Coughlin and the Coughlin Team at 778-374-3744.
Fraser Valley March 2024:
The average monthly cost for single-family detached homes has risen by $13,015, marking a slight decrease from February's average price of $19,686. Despite the difficulties caused by higher borrowing costs, rising prices, and the limited availability of listings, we predict that the real estate market will favor sellers for the next six weeks.
In Fraser Valley's condo market, 75% of condos have experienced an average price decrease of $3,434. Conversely, the townhouse market's average price has climbed to $9,716, we are forcasting a continued Sellers Market.
For the latest and most accurate market trends, join us every Saturday at noon on VancouverMarketReports.com, where we analyze the performance of winners and losers in each Lower Mainland city. For a comprehensive market value update, including forecasts and a thorough analysis of your neighborhood and local market area, feel free to reach out to Bill Coughlin and the Coughlin Team at 778-374-3744.
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