richmond CONDO - MAY 2 0 2 4
SALES TO LISTINGS RATIO 23% SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 0.1% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 5% VS 2023
▲ 55% VS 2023
▼ 22% VS 2023
- VS 2023
There were 663 condo listings in Richmond in May, 11% above April and 55% higher than May 2023.
May condo sales decreased by 17% month-over-month, to 151, and were 22% below May 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No. 193 427
% Change
No. 182 599
% Change
The sales-to-listing ratio for condos in Richmond, at 23%, re%ected a sellers' market.
TOTAL INVENTORY TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
151 663
-0.1% 5% 0% -50% -22% 55%
-1.2% 4% 1.4% -25% -17% 11%
The condo median price in May was $700,000, a 1.4% increase from April and no change to May 2023. The average sold price was $752,896, 4% above last month; the average PSF sale price was $842, down 1.2% to last month.
$842 $752,896 $700,000 23%
$842 $720,115 $700,000 45%
$852 $726,795 $690,000 30%
▶ AVG PRICE PER SQUARE FOOT
▶ RECENT TRENDS
● MAY 2023 ● MAY 2024
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
663
563
527
599
504
482
474
543
541
427
452
446
444
194
193
182
193
126
151
97
163
142
130
107
96
92
$730K
$734K
$700K
$700K
$698K
$700K
$698K
$700K
$688K
$690K
$680K
$679K
$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
200
1
4+ bdrms
17
150
7
3 bdrms
116
100
35% 33%
106
18%
17%
50
2 bdrms
363
9%
9%
6%
0
37
<$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
106 37 35%
212 69 33%
172 29 17%
79 7 9%
44 4 9%
22 4 18%
11 0 n/a
17 1 6%
167
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. 40 ●
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