Home Sales in Richmond
The last few months have been very active in Richmond, and buyers and sellers alike are finding a lot of great deals. With a total of 843 homes on the market, Richmond is one of the largest and most vibrant areas for home sales in the Vancouver area. And from looking at the statistics, we can tell you that now might be the perfect time to enter the market, whether you are looking to buy or sell.
Now could be a perfect time to look for that Richmond dream home, especially within the areas of East Cambie, Garden City, and Saunders. All of these areas are beautiful and filled with enchanting homes of all sizes, meaning you're sure to find what you're looking for, at a price that could be tough to beat later. These areas are all heavily favouring buyers.
The best news for sellers is that homes in certain areas are moving off the market quickly – the average home was listed for only 45 days, a 12-day drop just from the previous month. A total of 76 homes were sold in the month of November, but the total number on the market dropped by 100 – meaning a larger percentage of homes sold last month than they have since May. In other words, listing now could result in a quicker sale against less competition than at any other point in the last six months.
In terms of activity, the best price band for home sales in Richmond in right now is between $600,000-$700,000. Of the 30 homes listed in this range during November, nine of them were sold – a 30% ratio. Other active price bands were between $1.0 to $1.25 million, and $800,000 – $900,000, with 14.5% and 13.2% of listed homes being sold in the last month.
With regards to Richmond's home sales by area, the most active markets were in Lackner, McLennan North and Westwind, all three of which had more than 20% of listed homes sold in November. The most popular type of home being bought was a 7 or more-bedroom property, showing that there's still a high demand for larger, more luxurious real estate in the Richmond Area. However, there was also a good deal of activity in the 3 to 4-bedroom market, so potential sellers shouldn't be scared to list now because of a lack of interest.
If you're thinking about buying or selling a home in the Richmond area, this could be the best time in months for you to take the plunge. And if you have any questions or need any advice on how to do it right, please contact us at the Payne Real Estate Group and we'll be more than happy to assist you.
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