richmond CONDO - MARCH 2 0 2 4
SALES TO LISTINGS RATIO 26% SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 7% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 6% VS 2023
▲ 9% VS 2023
▲ 20% VS 2023
▼ 21% VS 2023
There were 543 condo listings in Richmond in March, 8% above February and 20% higher than March 2023.
March condo sales increased by 39% month-over-month, to 143, and were 21% below March 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No. 181 454
% Change
No. 103 504
% Change
The sales-to-listing ratio for condos in Richmond, at 26%, reflected a sellers' market.
TOTAL INVENTORY TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
143 543
-34% -21% 20%
29% 39% 8%
The condo median price in March was $738,000, a 1.1% increase from February and 9% above March 2023. The average sold price was $750,472, 7% below last month; the average PSF sale price was $851, down 1.8% to last month.
$851 $750,472 $738,000 26%
$794 $707,515 $675,000 40%
$866 $805,181 $730,000 20%
-1.8% -7% 1.1%
7% 6% 9%
▶ AVG PRICE PER SQUARE FOOT
▶ RECENT TRENDS
● MAR 2023 ● MAR 2024
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
563
527
543
504
482
478
474
541
454
452
446
444
427
193
193
194
181
126
143
172
97
163
130
103
96
92
$738K
$730K
$700K
$700K
$698K
$700K
$698K
$683K
$680K
$679K
$688K
$675K
$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
4+ bdrms
150
12
12
100
3 bdrms
49%
89
28% 28%
50
93
16%
2 bdrms
10%
316
9%
5%
0
38
<$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
86 42 49%
173 48 28%
133 37 28%
70 11 16%
39 2 5%
21 2 10%
10 0 n/a
11 1 9%
126
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 April 10, 2024. All data from Greater Vancouver REALTORS®, Fraser Valley Real Estate Board, Whistler Listings 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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