richmond DETACHED - MAY 2 0 2 4
SALES TO LISTINGS RATIO 15% BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 1.6% VS 2023
▲ 7% VS 2023
▲ 35% VS 2023
▼ 29% VS 2023
There were 512 detached listings in Richmond in May, 7% above April and 35% higher than May 2023.
May detached home sales decreased by 10% month-over-month, to 77, and were 29% below May 2023.
THIS MONTH No. $2,320,326 $2,198,000 15% 77 512
PREVIOUS MONTH
PREVIOUS YEAR
No. 109 378
% Change
No.
% Change
The sales-to-listing ratio for detached in Richmond, at 15%, re%ected a balanced market.
TOTAL INVENTORY TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE
1.6% 7% -48% -29% 35%
$2,281,637 $2,055,000 18% 86 480
1.7% 7% -16% -10% 7%
The detached median price in May was $2,198,000, a 7% increase from April and 7% above May 2023.
$2,284,573 $2,055,000 29%
The average sold price was $2,320,326, 1.7% above last month and up 1.6% to May 2023.
▶ RATIO OF MEDIAN PRICES
▶ RECENT TRENDS
● DETACHED-TO-TOWNHOME ● TOWNHOME-TO-CONDO
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
481
480
512
464
458
441
426
459
1.92
1.90
424
378
390
1.79
376
368
1.67
1.65
1.53
92
86
109
73
68
55
77
40
36
73
63
57
51
$2.32M $2.19M
$2.25M
$2.10M $2.06M $2.20M
$2.06M $2.01M $2.10M
$1.98M $1.91M
$1.95M $1.85M
23-May
24-Apr
24-May
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET 21% +
BALANCED 12 - 20%
BUYERS' MARKET <12%
● SALES ● TOTAL INVENTORY ● S-L RATIO
120
100
80
44%
60
40
22%
21%
15%
13%
7%
20
6%
0
<$1M
$1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M-2.99M $3.0M-3.99M $4.0M-4.99M $5.0M-5.99M
$6.0M+
S-L RATIO SALES INVENTORY
8 1 13%
1 0 n/a
9 4 44%
127 27 21%
103 15 15%
93 20 22%
112 8 7%
33 2 6%
10 0 n/a
16 0 n/a
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 June 10, 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. 38 ●
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