RICHMOND/SOUTH DELTA

The Richmond/South Delta will maintain its “Yellow Light” status for the First Quarter of 2023. Overall activity continues to take a downward slope with a 10 percent decrease in sales compared to the previous quarter. The High-Rise sector showed strong activity with a 23 percent increase in sales over the quarter, While the Low-Rise sector stayed the same and the Townhome sector saw a 39 percent decrease in sales. The lack of sales outside of the High-Rise sector reflect the lack of inventory of Low Rise and Townhomes in this sub-market. Many developers in this submarket plan to hold many of their unit counts until construction completion as market conditions remain slow. Lunar New Year incentives created buzz in this marketplace and increased investor interest to get back in the market. Industry professionals expect market activity to increase in the latter half of 2023 as economic conditions become clearer.

Market Highlights

Ocean Row, a 38 unit townhome project by Aquilini Development launched in late March with two sales at an overall blended price of $785 per square foot

Westhampton at Hampton Cove, a 65-unit townhome development by Polygon recorded strong sales with 18 new sales over the First Quarter of 2023

The Boardwalk – Salt & Meadows 2, an Aquilini Development project achieved the only wood frame sales in the First Quarter of 2023.

Executive Group Developments is anticipated to release West Coast Estates Condos in mid-April, with phase one consisting of 84 wood frame units

**Note: The greater variation in Active Sales Price Range is the result of the achievable sale value differential between comparable product in Richmond and South Delta