the vancouver rennie review | December 2024

richmond CONDO - NOVEMBER 2 0 2 4

SALES TO LISTINGS RATIO 16% BALANCED MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

AVERAGE PSF PRICE ▼ 8% VS 2023

MEDIAN PRICE

TOTAL INVENTORY

SALES

▲ 34% VS 2023

▲ 25% VS 2023

▼ 5% VS 2023

▼ 3% VS 2023

There were 757 condo listings in Richmond in November, 0.3% above October and 34% higher than November 2023. November condo sales decreased by 14% month-over-month, to 120, and were 25% above November 2023. The sales-to-listing ratio for condos in Richmond, at 16%, reflected a balanced market. The condo median price in November was $660,000, a 5% decrease from October and 3% below November 2023. The average sold price was $681,051, 11% below last month; the average PSF sale price was $795, down 7% to last month.

THIS MONTH No.

PREVIOUS MONTH

PREVIOUS YEAR

No.

% Change

No. 139 755

% Change

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

120 757

$862 $716,151 $679,450 17% 96 563

-8% -5% -3% -7% 25% 34%

-7% -11% -5% -14% -14% 0.3%

$795 $681,051 $660,000 16%

$852 $763,498 $693,800 18%

▶ AVG PRICE PER SQUARE FOOT

▶ RECENT TRENDS

● NOV 2023 ● NOV 2024

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

805

718

757

662

755

740

680

563

504

599

543

446

444

182

139

139

97

120

151

96

142

131

107

105

101

92

$730K

$734K

$726K

$703K

$698K

$700K

$694K

$688K

$690K

$679K

$660K

$660K

$645K

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

250

4+ bdrms

16

200

14

150

3 bdrms

117

100

27%

22%

67

2 bdrms

50

9%

431

8%

2%

0

39

<$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

143 38 27%

250 56 22%

201 19 9%

78 6 8%

42 1 2%

19 0 n/a

8 0 n/a

16 0 n/a

193

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 December 9, 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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