Richmond Housing Report – February 2008

March 18, 2008

Richmond housing Report – February, 2008
Source: RealtyLink Online, Listings versus Sales

Housing Type Active Listings Feb. Sold Listings Av. 3 months No. Months Average Price
Detached 500 130 115 4.35 $835,000
Townhouse 248 104 75 3.30 $450,000
Condominiums 580 144 128 4.53 $345,000l

Market Action> Below 6 months > Sellers Market > Price Trend – Up

The Richmond housing market remains very active and bullish for February 2008. The market for older townhouses between $385,000 to $425,000 is very strong. there is a pent-up demand for such properties. Older homes on large lots in prime Richmond locations are also in good demand, driving prices to the $800,000 level.

Using 6 months inventory as a measure of market balance, it is easy to understand that the Richmond housing market has more up-side potential. Richmond townhouses are in relatively higher demand than detached houses and condos.

Richmond detached houses – market update for February 2008
Source: RealtLink Online Listings Versus Sales and Price Trend

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The number of active listings and sales picked up in February after the lower seasonal listings and sales over the past 3 months. The active listings and monthly sales ratio at around 4.30 months is considered a Seller market with supply-demand pressure for house prices to move higher.

The monthly average and median price for February remain positive and registered higher values than the previous months. There was a substantial jump in the average selling price from around $780,000 to around $835,000.

Market For Million Dollar Mansions

The demand for older homes on large lots over the past few weeks were very strong as more home builders are actively buying such properties. Such building lots when eventually  new homes being built on them are priced and sold at  $1,600.000 to $1,800,000 range.

Based on sales activities and multiple offer situations mainly from Richmond new home builders, older homes with lot size between 8,000 to $9,000 in the the popular Broadmoore sub-division were snatched up at prices between $750,000 to $815,000. Similar older homes on large lots on arterial roads and those less favorable locations facing “T” junctions are priced much less at $650,000 to $715,000 range.

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