Richmond Condo Market - March 2017

April 18, 2017

Richmond March Condo Housing Market Highlight

ri-apt.GIFWhen the total active listings, new listings and the total condos sold for the month converged, the Richmond condo market as experienced in March 2017 was practically in a sold out situation. Never before that the writer is aware of such huge demand for condos that happened in Richmond’s condo sales history.

Under such unusual situation where practically every home listed is sold, it is not surprising that Richmond Condo prices are spiking higher month after month.

Huge Jump In Richmond Condo Prices

A year ago, Richmond’s condo HPI price was around $400,000. During the past 12 months, demand from home buyers remained active and with dwindling supply coming onto the market, the seasonally high buying activities continued to exert pricing pressure on the condo market.

mls.pngEach week’s condo listings were quickly snapped up by eager buyers, resulting in condo prices increasing by tens of thousands. Many condos in recent weeks were sold $15,000 to $30,000 higher than comparable homes that were sold just a few weeks before.

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