Condos & Townhomes Were A Raging Commodity in Richmond Last Month
Attached homes in Richmond had another sellers market in December 2021 with a jaw dropping 83% sales ratio. This figure was significantly higher than the 62% sales ratio of condo/townhome sales in Richmond in November, although net sales reduced from 345 to 293.
Wide Range of Price Bands Moved Very Fast for Richmond Condos & Townhomes
As expected from the extremely high sales ratio, a broad range of price bands saw high absorption rates for attached units in Richmond in December.
- Richmond condos & townhomes priced $300k to $500k saw a 91% sales ratio (48 sales)
- Richmond condos & townhomes priced $500k to $700k saw a 110% sales ratio (102 sales)
- Richmond condos & townhomes priced $700k to $1M saw a 76% sales ratio (83 sales)
- Richmond condos & townhomes priced $1M to $1.5M saw a 69% sales ratio (51 sales)
- Richmond condos & townhomes priced $1.5M to $2M saw a 56% sales ratio (9 sales)
For more luxurious Richmond Condos & Townhomes priced $2M and higher there were 0 sales posted while 8 listings were added to the inventory.
The Most Popular Richmond Neighbourhoods for Condos & Townhomes
Quilchena, South Arm, Steveston South, Brighouse South, Riverdale, Woodwards, McLennan North, Ironwood condos & townhomes all posted well above 100% sales ratios combining for 106 sales (more than a third of the total) in December of 2021. Boyd Park, Broadmoor, Garden City, Seafair and Steveston North condos & townhomes saw exactly 100% sales ratios but these areas combined for only 19 sales of condos & townhomes.
Detached Houses Had A Sellers Market As Well in Richmond Last Month
While the sales ratio of detached homes were much lower than that of attached homes, it still posted a healthy 38% sales ratio. While the sales ratio was higher than November’s house sales in Richmond in November, the net sales dropped from 129 to 92.
Breaking Down Sales by Price Band in Richmond House Sales in December 2021
The lower price bands saw very high sales ratios that saw a rapid decline as the listing prices went up. There was 1 new listing and 1 sale for Richmond houses priced $1M and under, for a 100% sales ratio. Besides this single outlier, the other price bands had various sales ratio levels.
- Richmond Houses priced $1M to $2M saw a 85% sales ratio (40 sales)
- Richmond Houses priced $2M to $3M saw a 35% sales ratio (41 sales)
- Richmond Houses priced $3M to $5M saw a 15% sales ratio (10 sales)
- Richmond Houses priced $5M and above had 0 sales and 10 new listings.
The Most Popular Richmond Neighbourhoods for Single Family Homes
Some neighbourhoods saw very high sales ratios with limited new inventory for detached homes sales in December. Boyd Park, Bridgeport, Westwind and Sea Island house sales stood out with 13 deals and only 10 new inventory added for a 130% sales ratio. Volume wise, Granville posted the highest net sales in Richmond with 12 listings and a 52% selling ratio.
Find Out More About Metro Vancouver Real Estate Sales
Contact the Filer & Welch Team now to get a more comprehensive report on listings movement last month in any region in Greater Vancouver that interests you!
Brought to you by your friendly REALTORS® through the MLS® System, courtesy of Baxter Welch for your convenience.
