the rennie review - August 2023

richmond DETACHED -JULY 2023

SALES TO LISTINGSRATIO 12% BALANCEDMARKET

▶ MARKETSUMMARY

AVERAGEPRICE

MEDIAN PRICE

TOTALLISTINGS

SALES

▲ 13% VS 2022

▲ 14% VS 2022

▼ 10% VS 2022

▲ 4% VS 2022

Therewere458 detachedlistingsin Richm ond in July,8% aboveJuneand 10% lowerthan July2022.

July detached hom esalesdecreased by 39% m onth-over-m onth,to57,and were4% aboveJuly2022.

THISMONTH No. $2,384,325 $2,100,000 12% 57 458

PREVIOUSMONTH

PREVIOUSYEAR

No.

% Change

No.

% Change

Thesales-to-listing ratio fordetached in Richm ond,at 12% ,reflected abalanced m arket.

TOTALLISTINGS TOTALSALES

$2,108,053 $1,850,000 11% 55 510

13% 14% 15% 4% -10%

$2,138,241 $2,010,000 22% 94 426

12% 4% -44% -39% 8%

Thedetachedm edian pricein Julywas$2,100,000,a4% increasefrom Juneand 14% aboveJuly2022.

SALES-LISTINGSRATIO MEDIAN SOLD PRICE AVERAGESOLD PRICE

Theaveragesold pricewas$2,384,325,12% abovelast m onth and up 13% toJuly2022.

▶ RATIO OFMEDIAN PRICES

▶ RECENTTRENDS

● DETACHED-TO-TOWNHOME ● TOWNHOME-TO-CONDO

● SALES ● TOTALINVENTORY ● MEDIAN PRICE

510

459

426

458

484

404

459

1.85

1.79

349

1.74

1.72

378

1.65

340 343

1.58

335

330

109

94

93

58

56

52

37

92

26

57

55

59

53

$2.11M

$2.06M

$2.00M

$2.00M $2.02M $2.06M $2.01M $2.10M $1.85M

$1.85M $1.94M

$1.78M

$1.75M

22-Jul

23-Jun 23-Jul

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET 21% +

BALANCED 12 - 20%

BUYERS'MARKET <12%

● SALES ● TOTALINVENTORY ● S-L RATIO

150

100

50

23%

20%

10%

5%

0

<$600K

$600-799K

$800-999K

$1.0M -1.24M $1.25M -1.49M $1.5M -1.99M

$2.0M -2.49M

$2.5M -2.99M

$3M+

S-L RATIO SALES INVENTORY

5 0 n/a

2 0 n/a

2 0 n/a

1 0 n/a

9 0 n/a

117 23 20%

74 17 23%

77 8 10%

171 9 5%

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