Richmond Housing Report – March 2008

April 22, 2008

Richmond Housing Report – March, 2008
Source: RealtyLink Online, Listings versus Sales

Housing Type Active Listings Mar. Sold Listings Av. 3 Months No. Months Average Price
Detached 580 161 125 4.64 $780,000
Townhouse 275 109 94 2.92 $405,000
Condominiums 690 157 141 4.89 $330,000

Market Action> Absorption below 6 months > Sellers Market > Price Trend – Up

The Richmond housing report for March 2008 continued tp remain active and bullish for detached homes, townhomes and condos. The overall demand for homes remain bullish and market sentiments are still in favour of home sellers. There was a slight build-up in Condo listings to around 4.89 months, but this was still below the 6 months inventory level for any pricing pressure on home sellers.

Townhouse listings remained tight at 2.92 months on market and this is expected to continue exerting pressure for prices to move higher in the near term.

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