the rennie review | September 2023

richmond DETACHED -AUGUST 2023

SALES TO LISTINGSRATIO 14% BALANCEDMARKET

▶ MARKETSUMMARY

AVERAGEPRICE

MEDIAN PRICE

TOTALLISTINGS

SALES

▲ 20% VS 2022

▲ 0.5% VS 2022

▼ 5% VS 2022

▲ 14% VS 2022

Therewere459 detachedlistingsin Richm ond in August, 0.2% aboveJulyand 5% lowerthan August2022. Augustdetached hom esalesincreased by12% m onth-over-m onth,to64,and were14% aboveAugust 2022. Thesales-to-listing ratio fordetached in Richm ond,at 14% ,reflected abalanced m arket.

THISMONTH No. $2,536,852 $1,950,000 14% 64 459

PREVIOUSMONTH

PREVIOUSYEAR

No.

% Change

No.

% Change

TOTALLISTINGS TOTALSALES

$2,120,781 $1,940,000 12% 56 484

20% 0.5% 21% 14% -5%

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

12% 12% 0.2%

Thedetachedm edian pricein Augustwas$1,950,000,a 7% decreasefrom Julyand 0.5% aboveAugust2022.

SALES-LISTINGSRATIO MEDIAN SOLD PRICE AVERAGESOLD PRICE

Theaveragesold pricewas$2,536,852,6% abovelast m onth and up 20% toAugust2022.

6% -7%

▶ RATIO OFMEDIAN PRICES

▶ RECENTTRENDS

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

● SALES ● TOTALINVENTORY ● MEDIAN PRICE

459

458

484

459

404

459

426

1.96

349

378

1.79

343

340

1.72

1.73

335

330

1.62

1.45

109

93

93

58

52

37

92

64

56

26

59

57

53

$2.11M

$2.06M

$2.00M

$2.02M $2.06M $2.01M $2.10M $1.95M

$1.94M

$1.85M $2.00M

$1.78M

$1.75M

22-Aug

23-Jul 23-Aug

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET 21% +

BALANCED 12 - 20%

BUYERS'MARKET <12%

● SALES ● TOTALINVENTORY ● S-L RATIO

160

100%+

140

120

100

80

50%

40%

60

40

21%

16%

20

8%

7%

0

<$600K

$600-799K

$800-999K

$1.0M -1.24M $1.25M -1.49M $1.5M -1.99M

$2.0M -2.49M

$2.5M -2.99M

$3M+

S-L RATIO SALES INVENTORY

2 3 150%

2 1 50%

1 0 n/a

3 0 n/a

10 4 40%

121 25 21%

80 13 16%

87 6 7%

153 12 8%

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