Richmond Housing Report – April 2008

May 17, 2008

List Vs Sold Homes – April, 2008
Source: RealtyLink Online, Listings versus Sales

Housing Type Active Listings Apr. Sold Listings Av. 3 Month sales No. Months Average Price
Detached 670 173 154 4.35 $800,000
Townhouse 350 112 108 3.24 $470,000
Condominiums 810 179 160 5.06 $340,000

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

The Richmond housing market remained active and bullish for April 2008. The overall demand for townhouses for the month in Richmond remained strong. There was a steady build-up in listings and the most noticeable increase in Richmond’s Condo listings. The Absorption Rate for all housing types climbed slightly from 4.29 months in February to 4.30 months in March, and now to around 4.33 months in April. This was still below the 6 months inventory level for any pricing pressure on the home sellers.

In the Fraser Valley area, inventory of home listed for sale was reported to be at around 6 months. The media had been reporting the cooling down in the real estate market over the past weeks. An excellent listings versus sales tracking report by Paul Boenisch at Prudential Sussex Realty was showing a significant build-up in Richmond’s housing inventory for April, 2008.

If listings continue to increase faster than sales in the next few months, Richmond will follow other areas to see some moderation in sales. Price gain so far remains positive and the housing market is expected to bullish. A more balanced market is expected as the housing frenzy over the past few years disappears.

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