Current: Richmond is in a Buyer's Market with average Listings, 8 %SOLD rate and a 91% Sell/List Ratio.
(This means that there is an average of $139,900 Discount on a sale from the original list price)
Most Active Range: Homes below $1.1 mill. have 19.6 %SOLD rate.
Least Active Range: Homes above $3 mill. have 2.6 %SOLD rate.
History: The Richmond Year-To-Date Home Price Index HPIp (Top 50%) shows that prices decreased $106,414.
The Richmond Year-To-Date Home Price Index HPIp (Lower 50%) shows that prices decreased $180,750.
*The HPIp (Home Price Index) is an approximate reflection of the Average Home Price Changes.
Forecast: Richmond has 900 homes are for sale and with the 8 %SOLD monthly rate gives us a ~13 months of inventory. 12% of the active listings have reduced their price by $121,139 on average or $100,000 median for the last month. We project Richmond to be a continued Buyer's market.
June's Real Estate Statistics shows 62% of Vancouver's Detached Markets values decreased this month. Overall, Single Family Homes in Metro Vancouver experienced an Average Monthly Price Decrease of $18,158, which is a continuous decline from the last 2 months' $14,880 in May and the $8,007 price drop in April. On the other hand, the Fraser Valley remains a steady Market with the monthly price increase of $1,322. The following month's forecasts for Detached Homes are: a continued Buyer's Market across most of Vancouver and a Stable Market over most of the Fraser Valley.
Currently, the Condo Market presents a Cooler Market with 73% of the Greater Vancouver (Lower Mainland) Condo Prices decreasing. On the same note, 79% of the Townhouse Markets are decreasing (22 out of 28 Markets). We are forecasting a Buyers 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.