Current: Richmond is in a Buyer Market with average Listings, 8 %SOLD rate and a 94% Sell/List Ratio.
(This means that there is an average of $111,000 Discount on a sale from the original list price)
Most Active Range: Homes between $1.1 mill. - $1.3 mill. have 14.3 %SOLD rate.
Least Active Range: Homes between $2.5 mill. - $3 mill. have 4.1 %SOLD rate.
History: The Richmond Year-To-Date Home Price Index HPIp (Top 50%) shows that prices decreased $201,017.
The Richmond Year-To-Date Home Price Index HPIp (Lower 50%) shows that prices decreased $49,396.
*The HPIp (Home Price Index) is an approximate reflection of the Average Home Price Changes.
Forecast: Richmond has 692 homes are for sale and with the 8 %SOLD monthly rate gives us a ~13 months of inventory. 5% of the active listings have reduced their price by $111,329 on average or $100,000 median for the last month. We project Richmond to be a continued Buyer market.
February's Real Estate Statistics shows a Normal Spring Market! Single Family Homes in Metro Vancouver experienced an Average Monthly Price increase of $2,749 a real improvement from the $3,176 price decrease the month prior. Finally, we have ended 32 consecutive months of dropping home prices. On the other hand, Single Family Homes in the Fraser Valley Market had a $4,302 monthly price increase, this is our most substantive recovery since the Peak in April 2018 with 94% of Detached Markets increased values. The Coronavirus issue now moves us into uncharted territory. The pent-up buyer demand is still there! Over the next few months, we are forecasting modest seasonal price increases in most Vancouver Detached Home Markets.
Currently, the Condo Market presents Seller Market conditions with 83% of the Greater Vancouver (Lower Mainland) Condo Prices increasing $1,428 on average. At the same time, 68% of the Townhouse Markets increased $831 on average (19 out of 28 Markets). We are forecasting increasing Condo and Townhouse Markets in the coming 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 Neighborhood.