the vancouver rennie review | August 2024

richmond CONDO - JULY 2 0 2 4

SALES TO LISTINGS RATIO 19% BALANCED MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

AVERAGE PSF PRICE ▲ 3% VS 2023

MEDIAN PRICE

TOTAL INVENTORY

SALES

▲ 6% VS 2023

▲ 4% VS 2023

▲ 49% VS 2023

▼ 14% VS 2023

There were 718 condo listings in Richmond in July, 6% above June and 49% higher than July 2023.

July condo sales increased by 7% month-over-month, to 140, and were 14% below July 2023.

THIS MONTH No.

PREVIOUS MONTH

PREVIOUS YEAR

No. 163 482

% Change

No. 131 680

% Change

The sales-to-listing ratio for condos in Richmond, at 19%, reflected a balanced market.

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

140 718

-42% -14% 49%

7% 6%

The condo median price in July was $705,400, a 3% decrease from June and 4% above July 2023. The average sold price was $748,130, 2% above last month; the average PSF sale price was $870, up 1.6% to last month.

$870 $748,130 $705,400 19%

$841 $707,864 $680,000 34%

$856 $729,969 $726,000 19%

1.6% 2% -3% 1.2%

3% 6% 4%

▶ AVG PRICE PER SQUARE FOOT

▶ RECENT TRENDS

● JUL 2023 ● JUL 2024

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

718

662

680

563

527

599

504

543

541

482

452

446

444

194

182

126

163

97

140

151

142

130

131

107

96

92

$730K

$734K

$726K

$705K

$698K

$700K

$698K

$700K

$688K

$690K

$680K

$679K

$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

14

3 bdrms

117

100

32%

23%

74

16%

2 bdrms

50

10% 13%

10%

398

7%

0

52

<$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

129 41 32%

225 51 23%

194 32 16%

77 8 10%

39 5 13%

28 2 7%

10 1 10%

16 0 n/a

185

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. 40 ●

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