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With a benchmark price of a condo in Richmond sitting at $361,200 in August and plenty of inventory, this sunny municipality offers lots of choice for homebuyers. The Richmond market also appears to have been less susceptible to summer’s traditional downward trends in sales. While the Greater Vancouver area as a whole experienced a decrease in condo sales of 17 per cent between July and August, Richmond’s reduction was a modest five per cent. And, when it comes to comparing August 2014 sales with this year’s… Richmond enjoyed a whopping 47 per cent increase, which is substantially more than the already impressive 33 per cent increase seen throughout Greater Vancouver.
Taking a closer look at the 21 condos that sold between August 22 and September 4, the least expensive purchase was a 36-year-old studio in Brighouse that went for $113,500. At 450 square feet, that unit cost $252 per square foot, well below the $505 Richmond average for current listings. The most expensive property to find a new owner in this time period was a brand new two-bedroom unit in McLennan North. On the market for $599,000, the offer that couldn’t be refused was below asking: $568,000. Given its size of 885 square feet, its purchaser went over the average per square foot cost, coming in at $642.
Only two of the 21 sales from August 22 to September 4 went for more than list price, indicating that there are still deals to be made in the condo market. Let’s take a closer look at what some of those deals could be:
- As of September 4, there are four active listings below $100,000. These are a mix of studio and one-bedroom homes in the Brighouse and Granville neighbourhoods. None of these are in new buildings; they range in age from 14 to 41 years and in square footage from 388 to 634.
- Buyers hunting for condos within $5,000 plus or minus of the $361,200 benchmark price, have 24 options in a wide variety of neighbourhoods. These homes range from a 573-square-foot, one-bedroom unit in a five-year-old building to a 1,113-square-foot, two-bedroom unit in a 26-year-old building. While some of these listings are relatively new, one West Cambie property is quickly approaching 800 days on the market.
If money is no object, there are 30 $1 million-plus listings available, most of which are located in Brighouse. At the low end of that scale, is a two-bedroom home in a two-year-old building going for $1,080,000. And, if your budget runs to $6,880,000, a three-bedroom condo in another two-year-old building may have your name on it.
Richmond Condo Market Snapshot
