Current: Richmond is in a Buyer's Market with average Listings, 9 %SOLD rate and a 94% 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 between $1.1 mill. - $1.3 mill. have 21.2 %SOLD rate.
Least Active Range: Homes above $3 mill. have 4.5 %SOLD rate.
History: The Richmond Year-To-Date Home Price Index HPIp (Top 50%) shows that prices increased $134,254.
The Richmond Year-To-Date Home Price Index HPIp (Lower 50%) shows that prices increased $47,395.
*The HPIp (Home Price Index) is an approximate reflection of the Average Home Price Changes.
Forecast: Richmond has 815 homes are for sale and with the 9 %SOLD monthly rate gives us a ~11 months of inventory. 8% of the active listings have reduced their price by $90,054 on average or $81,000 median for the last month. We project Richmond to be a continued Buyers market.
May's Real Estate Statistics shows 62% of Vancouver's Detached Markets decreased values this last month. Overall, Single Family Homes in Metro Vancouver experienced an Average Monthly Price much stronger decrease of $16,674 which is a marked drop over the $4,857 increase that we saw in the month prior. On the Average Monthly Price decrease of $4,469, which is a Big-Switch from the $13,418 increase that we saw in the month prior. At the same time, the Vancouver Detached Markets showed a price decrease of $16,674. With many new foreign buyer taxes, the much tougher mortgage lending rules, the higher interest rates, trade tariffs, we are forecasting a Buyer's Market across most Detached Markets.
Currently, the Condo Market is turning from Hot to a cooler market, with 53% of the Greater Vancouver (Lower Mainland) still increasing. 61% of the Townhouse Markets are decreasing (17 out of 28 Markets). The "Fear-OF Missing-Out" buyer emotions of yesterday are now being replaced with the "I-Will-Wait" Attitude. We are forecasting a Stabilizing/ Buyers Market in the lower end Condo/Townhouse Markets for the following months. 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 Neighbourhood.