Richmond Market Statistics

Here's What Happened in January 2024

The Real Estate Board of Greater Vancouver says home sales got off to a strong start in the first month of 2024 but the pace of newly listed properties did not keep up with demand. The board says January home sales totalled 1,427, a 38.5% increase from the same month last year, though it was still 20.2% below the 10-year seasonal average of 1,788 for the month.

There were 3,788 new listings of detached, attached and apartment properties last month, a 14.5% increase from January 2023, but new listings were 9.1% below the 10-year seasonal average.

The composite benchmark home price in January for Metro Vancouver was $1,942,400, a 7.3 per cent increase from a year earlier and a 1.1% decrease from December.

With the high expectations of rate cuts, buyers are trying to get ahead of the BoC news of possible rate cuts, to get into the market early and avoid possible multiple offers.  Although sales have picked up, we are still all below the 20 year average for January.

But will this uptick, and confidence in the marketplace, cause the BoC to do the opposite?  If BoC gets a sense that inflation may be under control, will they avoid the rate cuts? Will this buyer sentiment to get ahead of the BoC's rate cuts backfire?  We saw this in Spring 2023 when buyers expected rate cuts which never transpired, pushing rate cuts further out. It's possible!

In addition to the increase in activity, coupled with strong economic data coming out of the US, we may have to recalibrate our strategies further, and may have to hit the brakes if these rate cuts don’t get triggered as everyone hopes!

Focusing on the Richmond Single Family Market:

Prices: January continued a steady trend towards a Buyers’ Market with 11% average sales ratio for detached homes and a continued sellers market with 22% average sales ratio for attached homes. 

However the HPI Benchmark prices for Detached homes dropped to $2,079,100 from $2,111,400 but increased from $1,967,700 a year ago.

It is still a strong shift into a sellers market for townhomes at 23.8%  sales ratio and a 20.4% sales ratio for condos. HPI Benchmark price for condos is $733,800 (-1.3% from December) and $1,100,100 (+1% from December) for Townhomes. 


Most Active prices bands remain for detached homes remains at $2.0m - $2.25m with 20% sales ratio; and a surprising 33% sales ration for homes between $4.0m - 4.5m; $900,000 - $1.49m for Townhomes and $400,000 - $899,999 for Condos. 

There was 3 sales between $4.0 - $4.5m and 1 sale between $4.5 - $5.0m and 1 sale over $5.0m for single Detached homes

Top 2 neighbourhoods for detached homes are McLennan North & Bridgeport; for townhomes are McLennan North & Woodwards; for Condos, are Brighouse, West Cambie & McLennan North. 

My best,

Shali

Everything You Need to Know

The Real Estate statistics available for condos and other areas are also provided by Shali Tark and the REBGV Board. The following is only a sample.
2023-12-Richmond-1.jpg
2023-12-Richmond-2.jpg
2023-12-Richmond-3.jpg
2023-12-Richmond-4.jpg
2023-12-Richmond-5.jpg

Monthly Market Statistics Report 

         To request last month's Market Statistics Report, please email shali@shalitark.com.