richmond CONDO - AUGUST 2 0 2 4
SALES TO LISTINGS RATIO 14% BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 4% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 64% VS 2023
▼ 4% VS 2023
▼ 6% VS 2023
▼ 46% VS 2023
There were 740 condo listings in Richmond in August, 3% above July and 64% higher than August 2023. August condo sales decreased by 24% month-over-month, to 105, and were 46% below August 2023. The sales-to-listing ratio for condos in Richmond, at 14%, reflected a balanced market. The condo median price in August was $659,900, a 6% decrease from July and 6% below August 2023. The average sold price was $716,046, 4% below last month; the average PSF sale price was $812, down 7% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No. 194 452
% Change
No. 139 718
% Change
TOTAL INVENTORY TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
105 740
-67% -46% 64%
-27% -24% 3%
$812 $716,046 $659,900 14%
$847 $748,021 $698,400 43%
$872 $748,189 $702,800 19%
-7% -4% -6%
-4% -4% -6%
▶ AVG PRICE PER SQUARE FOOT
▶ RECENT TRENDS
● AUG 2023 ● AUG 2024
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
740
662
718
680
563
527
599
504
543
541
452
446
444
182
194
139
126
97
151
105
142
130
131
107
96
92
$730K
$734K
$726K
$703K
$698K
$700K
$698K
$700K
$688K
$690K
$679K
$660K
$644K
RICHMOND
REBGV
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET 21% +
BALANCED 12 - 20%
BUYERS' MARKET <12%
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● S-L RATIO
200
4+ bdrms
18
150
9
3 bdrms
122
100
26%
25%
55
20%
2 bdrms
50
410
9%
7%
2%
0
41
<$600K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M+
<2 bdrms
S-L RATIO SALES INVENTORY
138 36 26%
225 45 20%
201 14 7%
81 7 9%
41 1 2%
27 0 n/a
8 2 25%
19 0 n/a
190
Copyright © 2024 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of September 9, 2024. All data from Greater Vancouver REALTORS®, Fraser Valley Real Estate Board, Whistler Listing System, and rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 40 ●
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