Richmond  Market Reports and Forecasts  
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Richmond Market Update (Detached) namely: Lackner, Riverdale, Granville, Seafair, Broadmoor and all the sub-areas of Richmond Real Estate Market Update Report.

Current: Richmond is in a Buyer's Market with average Listings, 7 % SOLD rate and a 97% Sell/List Ratio.
                       (This means that there is an average of $63,000 Discount on a sale from the original list price)

Most Active Range: Homes between $1.65 mill.- $1.9 mill. have 16.5 %SOLD  rate.
Least Active Range: Homes above $4 mill  have 1.5 %SOLD  rate.

History: The Richmond Year-To-Date Home Price Index HPIp (Top 50%) shows that prices decreased $48,463.
                The Richmond Year-To-Date Home Price Index HPIp (Lower 50%) shows that prices increased $90,305.
                *The HPIp (Home Price Index) is an approximate reflection of the Average Home Price Changes.

Forecast: Richmond has 489 homes are for sale and with the 7 %SOLD monthly rate gives us a ~14 months of inventory. 8% of the active listings have reduced their price by $148,376 on average or $9930000 median for the last month. We project Richmond now to be in a Buyer's market.

Greater Vancouver September 2024:

The market for single-family homes in Greater Vancouver is steady this month because many Chinese buyers are coming in for the National Holiday and the Mooncake Festival. Right now, 62% of homes are experiencing small price increases, which is a big change from the $24,000 average drop we saw in the last few months. Looking ahead, we think most home buyers and investors will wait before jumping back into the market until interest rates go down more and prices drop. We expect that Metro Vancouver will still be a buyer's market until the early spring.

In September, average prices for condos fell by $3,452, while townhouses dropped by $5,908. We forecast that the condo and townhouse markets will continue to be in a buyer's market over the next few months.

To keep up with the latest market trends, tune in every Saturday at noon on VancouverMarketReports.com. We analyze which areas in the Lower Mainland are rising or falling. For a full update on market values, forecasts, and a detailed analysis of your neighborhood, reach out to Bill Coughlin and the Coughlin Team at 778-374-3744.

Fraser Valley September 2024:

The market for single-family homes in Fraser Valley is still favoring buyers. Currently, 67% of homes are seeing price decreases, with an average drop of $4,213 in September. This decline is better than the $25,000 average drop we saw in the past couple of months. Moving forward, we forecast most home buyers and investors will be holding off stepping back into the market as the wait for further cuts in interest rates and market drops. We expect the Fraser Valley area will remain a buyer's market until the early spring.

In September, average prices for condos fell by $3,894, while townhouses dropped by $4,569. We forecast that the condo and townhouse markets will continue to be in a buyer's market over the next few months.

To keep up with the latest market trends, tune in every Saturday at noon on VancouverMarketReports.com. We analyze which areas in the Lower Mainland are rising or falling. For a full update on market values, forecasts, and a detailed analysis of your neighborhood, reach out to Bill Coughlin and the Coughlin Team at 778-374-3744.

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