After a month-to-month drop in housing prices in September, Richmond’s housing prices continued to decline in October, albeit just slightly.
The benchmark price of a residential home in Richmond declined by 0.4 per cent last month to $1,179,700.
This was a 0.7-per-cent decrease compared to July, according to Real Estate Board of Greater Vancouver (REBGV)’s stats released this month.
The benchmark price of a single-family home in Richmond was $2,155,600 in October, a 1.1-per-cent decline from the previous month, and townhouse prices dropped by 1.9 per cent month-over-month.
Apartments were the only category that saw an increase in prices. With a benchmark of $763,400, the price increased by 1.8 per cent from September and 3.1 per cent from July.
Meanwhile, the number of listings in all three categories in Richmond in October also dropped from September. There were 140 listed detached homes (-21.8 per cent), 94 listed townhouses (-17.5 per cent) and 242 listed apartments (-19.1 per cent).
In the Lower Mainland, the benchmark price in October was recorded at $1,131,800, a 0.8-per-cent decline from the previous month and 1.7 per cent down from three months ago.
There were 1,996 homes sold in the region in October, a 3.7-per-cent increase from the 1,924 sales recorded in October 2022.
This is almost 30 per cent below the 10-year seasonal average (2,832) for October.
“With properties coming to market at a rate roughly five per cent above the 10-year seasonal average, there seems to be a continuation of renewed interest on the part of sellers to participate in the market that we’ve been watching this fall,” said Andrew Lis, REBGV’s director of economics and data analytics.
“Counterbalancing this increase in supply, however, is the fact sales remain almost 30 per cent below their 10-year seasonal average, which tells us demand is not as strong as we might expect this time of year.”
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