Reduced Inventory and higher Sales in Richmond in October 2021

Real estate moved faster in October than September in Richmond for all fronts. Houses sold at 27% sales ratio, with less inventory (-13% less new inventory) in October than the previous month, while condos/townhomes moved even faster at 56% with a similar inventory decrease (-12% less new inventory). Some price bands were exceptionally popular, reaching sales ratios far above the average in both attached and detached categories.

Houses in Richmond Had a Broad Range of High Absorption In October 2021

The most popular price bands for houses in Richmond were:

1. Houses between $1 million to $1.75 million sold at a sales ratio of 94% (48 homes sold)
2. Houses between $1.75 million to $2.75 million moved at 26.7% (54 homes sold)
3. Houses between $2.75 million to $3.5 million moved at a modest 11.8% (12 homes sold)
4. There was just one sale over $4 million in Richmond in October 2021

Some neighbourhoods were exceptionally popular compared to others (albeit with very low inventory, making them outliers against the city wide average in many cases):

1. Steveston Village & Sea Island had sales ratios of 100% or more, but only 4 sales, making it somewhat of an anomaly due to low inventory offered.
2. East Cambie had a fairly high ratio of 63%, selling 5 out of 8 listings
3. Brighouse sold 4 out of 8 listing with a sales ratio of 50%
4. McLennan North & Steveston South, both had sales ratios of 40%

Mid-Range Condos & Townhomes in Richmond Were Very Popular

The attached (condos & townhomes) market in Richmond also showed a broad spectrum of high activity. Some were exceptionally popular, far surpassing the average:

1. Condos priced $300k~$400k had an impressive 106% sales ratio (19 sold)
2. Condos priced $400k~$700k sold at a high 72% sales ratio (213 sold)
3. Townhomes/Condos at the $700k~$800k surges up to 91% sales ratio (58 sold)
4. Townhomes/Condos between $800k to $1.5 million sold at 44% (116 sold)
5. 2 townhomes/condos priced above $2 million sold

Popular Neighbourhoods For Townhomes & Condos in Richmond in October 2021

Townhomes/condos in popular neighbourhoods are flying off the market before they even have a chance to hit the market.

1. Broadmoor (Richmond) had the highest sales ratio of 200%
2. East Cambie (Richmond) was next up with a sales ratio of 167%
3. Steveston South (Richmond) ranked 3rd with a sales ratio of 150%
4. Steveston North (Richmond) came in 4th with a 100% sales ratio

To get a detailed list of what sold and for how much in Richmond last month, please contact the Baxter and Welch team now!