The number of homes sold and their prices dropped slightly across the board in Richmond in September, while supply surged.
This followed the Bank of Canada dropping its key interest rate to 4.25 per cent earlier that month.
Townhouses were the only property type that's seen an increase in the past year, according to a Greater Vancouver Realtors (GVR) report.
Richmond home prices fall slightly
For September, the benchmark price for all types of homes in Richmond sat at $1,161,000, dropping 1.6 per cent compared to last year and 2.5 per cent in the last six months.
All types of homes overall have experienced an 82.6-per-cent increase in value over the last 10 years.
The price for a single-family detached home was at $2,168,000, a decrease of 0.5 per cent year-over-year and 2.2 per cent over the last six months.
Strikingly, single-family home prices have increased by 96.5 per cent in the last 10 years – the lowest increase of all homes types in Richmond.
In September, apartment prices also decreased slightly with a benchmark price of $737,600. In the past year, they've decreased by 0.5 per cent.
Apartment prices decreased by 2.9 per cent over the last six months. In the past 10 years, apartments have had the highest increase in Richmond at 130.4 per cent.
Lastly, the benchmark price of a townhouse was $1,149,400 in September, a price that’s actually been increasing over the past year by 1.4 per cent.
However, the price dropped slightly, by 0.2 per cent, in the last six months, but rose by 0.5 per cent in the last month. Townhouses have increased their benchmark price by 130 per cent in the last 10 years.
The number of properties sold in Richmond fell in a year-to-year basis but the median price has been higher.
In September 2024, the total number of sales was 48 for detached homes, 47 for attached homes and 101 for apartments, which sold at a median selling price of $1,880,000, $1,157,000, and $645,000, respectively.
Sales in August were mixed ahead of the fall market, with 45 detached homes, 40 for attached and 104 for apartments, at a price of $2,150,600, $1,080,000 and $659,900, respectively.
In September 2023, there were 74 sales of detached homes, 51 of attached homes and 130 for apartments, selling at a median price of $1,875,000, $1,120,000 and $644,000, respectively.
Listings increase since September 2023
Contrastingly, the number of listings has increased consistently since last year.
In September 2024, there were 186 listings for detached properties, 126 for attached and 311 for apartments, with a low sales-to-listings percentage of 26 per cent, 37 per cent and 32 per cent in that order.
Since August, this represents an increase of 23.2 per cent for detached properties, a decrease of 3.8 per cent for attached, and an increase of 23.4 per cent for apartments.
In September 2023, there were 179 detached listings, 114 attached and 299 apartments, with a higher sales to listings percentage of 41 per cent, 45 per cent and 43 per cent in the same order.
Richmond housing trend mirrors regional trends
Richmond results match Metro Vancouver’s declining sales trend year-over-year, showing the reductions in interest rates has had little effect in increasing demand, according to the report.
Residential sales in the region were 1,852 in September 2024, a 3.8-per-cent decrease from 1,926 sales in the last year – 26 per cent below the 10-year seasonal average of 2,502.
“Real estate watchers have been monitoring the data for signs of renewed strength in demand in response to recent mortgage rate reductions, but the September figures don’t offer the signal that many are watching for,” said GVR director of economics and data analytics Andrew Lis.
A total of 14,932 listings for September 2024 in Metro Vancouver represents a 31.2-per-cent increase compared to last year, which had 11,382 listings – 24.2 per cent above the 10-year seasonal average of 12,027.
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