richmond CONDO - JANUARY 2 0 2 4
SALES TO LISTINGS RATIO 21% BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 14% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 12% VS 2023
▲ 7% VS 2023
▲ 17% VS 2023
▲ 14% VS 2023
There were 443 condo listings in Richmond in January, 0.7% below December and 17% higher than January 2023. January condo sales decreased by 5% month-over-month, to 92, and were 14% above January 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
The sales-to-listing ratio for condos in Richmond, at 21%, reflected a balanced market.
TOTAL LISTINGS TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$864 $724,066 $687,500 21% 92 443
$756 $647,112 $645,000 21% 81 380
14% 12% 7% -3% 14% 17%
$853 $728,372 $698,000 22% 97 446
1.3% -0.6% -1.5% -5% -5% -0.7%
The condo median price in January was $687,500, a 1.5% decrease from December and 7% above January 2023. The average sold price was $724,066, 0.6% below last month; the average PSF sale price was $864, up 1.3% to last month.
▶ AVG PRICE PER SQUARE FOOT
▶ RECENT TRENDS
● JAN 2023 ● JAN 2024
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
563
527
482
478
474
541
451
443
454
452
446
427
380
193
193
194
181
126
172
97
163
130
92
118
81
96
$700K
$700K
$698K
$700K
$698K
$688K
$683K
$680K
$679K
$675K
$645K
$652K
$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
140
120
4+ bdrms
13
100
80
12
3 bdrms
55%
85
60
40
45
26%
2 bdrms
19%
19%
234
12%
20
5%
0
35
<$400K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2M+
<2 bdrms
S-L RATIO SALES INVENTORY
21 4 19%
47 26 55%
129 33 26%
107 20 19%
66 8 12%
36 0 n/a
16 0 n/a
21 1 5%
111
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 February 7, 2024. All data from Real Estate Board of Greater Vancouver and Fraser Valley & 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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