Residential home sales were down in Richmond in the first quarter of 2024, but housing prices haven't seen any corresponding decreases.
Single-family detached properties had a price benchmark of just under $2.2 million, a 3.9-per-cent increase from 2023, according to the City of Richmond staff report.
The benchmark price of townhouses was $1.1 million while the corresponding price for apartments was $772,400, an increase of 6.3 and 5.4 per cent, respectively.
A total of 668 homes were listed for sale in the first three months of the year, a 3.5-per-cent decrease compared to 2023
Among the listings, townhouse increased by 11.2 per cent while single-family homes and apartments dropped by 1.1 and 9.8 per cent.
Townhouse sales made up 22.3 per cent of residential sales in Richmond while single-family homes and apartments accounted for 26.5 and 51.2 per cent, respectively.
Meanwhile, 316 new units were added to the local housing supply, a 103.9 per cent increase from 2023.
In the first three months of the year, the City of Richmond issued more than 260 building permits, marking a 15.2-per-cent decrease compared to last year.
A total of 139 residential, 99 commercial and 25 industrial permits were issued.
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