Home prices continued to rise in Richmond last month and home sales saw a notable boost, according to the latest data from the Real Estate Board of Greater Vancouver (REBGV).
The median price of a single-family detached home in Richmond was $1,651,800 last month, an increase of 3.3 per cent from January 2021. Single-family detached homes in particular had the greatest increase.
The board revealed Tuesday that last month’s home sales and prices in B.C. surpassed February’s 10-year average by 42.8 per cent. The residential home sales in B.C. totalled 3,727, a 73.3 per cent raise from the 2,150 sales recorded the year before and a 56 per cent surge from the 2,389 homes sold in January 2021.
Sales of apartment homes, townhouses, and single-family detached homes in Richmond all increased in February from January. The market for detached homes was particularly heated last month with home sales rising 95.8 per cent in February compared to the month before. February saw 139 detached home sales while January had only 71.
In addition, there was more listing activity in Richmond for detached homes, with home listings rising from 152 in January to 184 in February. However, both apartment and attached home listings fell from January.
Sales of attached homes in Richmond reached 115 in February, and a 79.7 per cent increased from 64 recorded in January 2021, while apartment sales increased by 38.7 per cent to 197 in February.
According to REBGV’s monthly report, apartment listings down to 264 in February from 306 in January, and attached home listings fell from 138 in January to 137 in February.
Increased competition amongst home buyers and scarce listings push home prices to rise across the Metro Vancouver region, according to REBGV analyst.
“Metro Vancouver’s housing market is experiencing seller’s market conditions. The supply of listings for sale isn’t keeping up with the demand we are seeing. This is particularly true in the townhouse market where is demand is outstripping the available supply,” said Colette Gerber, the chair of REBGV.
In February 44.6 per cent of listings have been sold in Metro Vancouver. Townhomes far outpaced other property types at 61.8 per cent.
In general, Gerber said the low-interest rates remain a key driver in today’s market. The board is seeing steady numbers of first-time homebuyers and move-up buyers entering the market.