Current: Richmond is in a Stable Market with average Listings, 11 %SOLD rate and a 94% Sell/List Ratio.
(This means that there is an average of $98,000 Discount on a sale from the original list price)
Most Active Range: Homes below $1.1 mill. have 29.6 %SOLD rate.
Least Active Range: Homes between $2.5 mill. - $3 mill. have 2.2 %SOLD rate.
History: The Richmond Year-To-Date Home Price Index HPIp (Top 50%) shows that prices decreased $232,186.
The Richmond Year-To-Date Home Price Index HPIp (Lower 50%) shows that prices decreased $83,095.
*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 11 %SOLD monthly rate gives us a ~9 months of inventory. 4% of the active listings have reduced their price by $171,824 on average or $108,000 median for the last month. We project Richmond to be a continued Stable market.
December's Real Estate Statistics shows that we have hit BOTTOM! Single Family Homes in Metro Vancouver experienced an Average Monthly Price Decrease of just $1,777. This is a vast improvement from the $5-25,000 monthly drops that we have seen for the last 30 consecutive months. This long dropping market means that we have built up a lot of pent-up buyers just waiting for the market to bottom out. Now some of these buyers are finally stepping back into the market. Today we have a stark difference between the Low-End and High-End Markets. Overall, Single Family Homes in the Fraser Valley Market had a $1,355 monthly price increase, which is a positive trend from last month's price increase of $792. Over the next few months, we are forecasting price increases in the Low-End (lower-50%) and stabilization for the High-End (Top-50%) Vancouver Detached Home Markets.
Currently, the Condo Market presents stable Market conditions with 57% of the Greater Vancouver (Lower Mainland) Condo Prices increasing $424 on average. On the other hand, 61% of the Townhouse Markets decreased $242 on average (11 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.