the vancouver rennie review | August 2024

richmond DETACHED - JULY 2 0 2 4

SALES TO LISTINGS RATIO 11% BUYERS' MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

MEDIAN PRICE

TOTAL INVENTORY

SALES

▲ 4% VS 2023

▲ 17% VS 2023

▲ 4% VS 2023

▼ 6% VS 2023

There were 537 detached listings in Richmond in July, 6% above June and 17% higher than July 2023.

July detached home sales decreased by 18% month-over-month, to 59, and were 4% above July 2023.

THIS MONTH No. $2,239,041 $2,188,000 11% 59 537

PREVIOUS MONTH

PREVIOUS YEAR

No.

% Change

No.

% Change

The sales-to-listing ratio for detached in Richmond, at 11%, reflected a buyers' market.

TOTAL INVENTORY TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE

$2,384,325 $2,100,000 12% 57 458

-6% 4% -12% 4% 17%

$2,175,978 $2,006,444 14% 72 508

-22% -18% 6%

The detached median price in July was $2,188,000, a 9% increase from June and 4% above July 2023.

The average sold price was $2,239,041, 3% above last month and down 6% to July 2023.

3% 9%

▶ RATIO OF MEDIAN PRICES

▶ RECENT TRENDS

● DETACHED-TO-TOWNHOME ● TOWNHOME-TO-CONDO

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

512

537

481

480

464

441

508

458

459

1.83

1.79

424

1.72

1.69

1.671.65

390

376

368

86

73

72

68

55

40

36

57

59

77

73

63

51

$2.32M $2.19M

$2.25M

$2.19M

$2.10M

$2.10M $2.06M $2.20M

$2.01M

$1.98M $1.91M

$1.95M $1.85M

23-Jul

24-Jun

24-Jul

▶ TOTAL LISTINGS & SALES BY PRICE RANGE

SELLERS' MARKET 21% +

BALANCED 12 - 20%

BUYERS' MARKET <12%

● SALES ● TOTAL INVENTORY ● S-L RATIO

140

120

100

80

38%

60

40

16%

15%

10%

5%

20

3%

0

<$1M

$1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M-2.99M $3.0M-3.99M $4.0M-4.99M $5.0M-5.99M

$6.0M+

S-L RATIO SALES INVENTORY

7 0 n/a

1 0 n/a

8 3 38%

144 23 16%

108 16 15%

96 10 10%

111 6 5%

38 1 3%

10 0 n/a

14 0 n/a

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 August 6, 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. 38 ●

Made with FlippingBook - professional solution for displaying marketing and sales documents online