August 2019 Market Stats–Seasonal Cooling Sales in Most Markets with Some Exceptions
The two neighbourhood highlights we are looking at are condos and townhomes in Richmond Brighouse and Brentwood Park, both going through massive redevelopment and revitalization. Richmond Centre in Brighouse is about to launch the highly anticipated condos within the mall whilst Brentwood Towncentre is well underway in it’s redevelopment.
Richmond Brighouse is arguably the most popular location for condo buyers in Richmond. For the city it consistently has the highest number of active listings and sales. Undoubtedly it has cooled in terms of sales, although the average sales price increased slightly by 1.2%. Homes are still taking a couple of months to sell and sellers are seeing the slower market, the highest number of homes going on the market in a month was back in April. Of note, the average list price decreased by 13% and the average list price of homes that sold increased by 1.5%. This could mean that sellers are still reducing prices to find that sweet spot of acceptable market value from buyers.
For Brentwood, other high rise projects nearby have also completed this year adding to the supply available to buyers and renters, resulting in the highest number of homes listed in a month for the area this year. We see many listings from investors and developers selling brand new homes at premium prices. Sales increased by 29% but is still low compared to previous years. The average list price increased by just over 4% whereas the average sale price increased by almost 1.3%. However, the average list price of the homes that sold remained the same.
Sales activity for Richmond Brighouse and Burnaby Brentwood Park should continue to cool off into the Fall and Winter. Some may think that this is the time where buyers who have to buy will buy and sellers who have to sell will sell. Although this may be true for some, those active in the real estate market may choose to hold off until the spring when there would usually be more buyers and more listings again.
Information taken September 10, 2019 from REBGV and MLS are deemed accurate from their respective sources. Independently verifying the information is advised. All data is presented to show a snap shot of the real estate market at the given time, further detail requires in-depth consultation and appropriate disclosures with a licensed real estate professional.