richmond CONDO - FEBRUARY 2 0 2 4
SALES TO LISTINGS RATIO 21% BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 10% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 9% VS 2023
▲ 12% VS 2023
▲ 11% VS 2023
▼ 12% VS 2023
There were 501 condo listings in Richmond in February, 13% above January and 11% higher than February 2023. February condo sales increased by 13% month-over-month, to 104, and were 12% below February 2023. The sales-to-listing ratio for condos in Richmond, at 21%, re'ected a balanced market. The condo median price in February was $729,000, a 6% increase from January and 12% above February 2023. The average sold price was $803,689, 11% above last month; the average PSF sale price was $864, up 0.0% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No. 118 451
% Change
No.
% Change
TOTAL LISTINGS TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
104 501
10% 9% 12% -21% -12% 11%
$864 $724,066 $687,500 21% 92 444
0% 11% 6% 0.2% 13% 13%
$864 $803,689 $729,000 21%
$789 $736,598 $652,400 26%
▶ AVG PRICE PER SQUARE FOOT
▶ RECENT TRENDS
● FEB 2023 ● FEB 2024
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
563
527
482
478
474
541
501
451
454
452
446
444
427
193
193
194
181
126
172
97
163
118
104
130
96
92
$729K
$700K
$700K
$698K
$700K
$698K
$683K
$680K
$688K
$675K
$679K
$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
1
4+ bdrms
11
120
100
14
3 bdrms
80
90
42%
60
32%
57
40
2 bdrms
18%
297
11%
10%
20
8%
5%
2%
0
32
<$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
22 1 5%
53 22 42%
145 47 32%
126 23 18%
75 6 8%
41 1 2%
20 2 10%
19 2 11%
103
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 March 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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