richmond CONDO - OCTOBER 2 0 2 4
SALES TO LISTINGS RATIO 18% BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 3% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 5% VS 2023
▲ 40% VS 2023
▲ 10% VS 2023
▼ 0.8% VS 2023
There were 755 condo listings in Richmond in October, 6% below September and 40% higher than October 2023.
October condo sales increased by 38% month-over-month, to 139, and were 10% above October 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No. 126 541
% Change
No. 101 805
% Change
The sales-to-listing ratio for condos in Richmond, at 18%, re(ected a balanced market.
TOTAL INVENTORY TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
139 755
10% 40%
3% 10% 8% 47% 38% -6%
The condo median price in October was $693,800, a 8% increase from September and 0.8% below October 2023. The average sold price was $763,498, 10% above last month; the average PSF sale price was $852, up 3% to last month.
$852 $763,498 $693,800 18%
$879 $729,488 $699,500 23%
-3% 5% -0.8% -21%
$831 $694,913 $645,000 13%
▶ AVG PRICE PER SQUARE FOOT
▶ RECENT TRENDS
● OCT 2023 ● OCT 2024
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
805
718
755
662
740
680
563
504
599
541
543
446
444
182
139
97
139
126
151
142
131
107
105
101
96
92
$730K
$734K
$726K
$703K
$700K
$698K
$700K
$694K
$688K
$690K
$679K
$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
1
4+ bdrms
17
200
18
150
3 bdrms
125
100
29%
23%
68
19%
2 bdrms
13% 12%
50
418
9%
9%
5%
0
52
<$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
141 41 29%
260 60 23%
200 17 9%
73 14 19%
34 3 9%
22 1 5%
8 1 13%
17 2 12%
195
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 November 12, 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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