Richmond Housing Report – June 2008

July 8, 2008

Richmond Housing Report – List Vs Sold June, 2008
Source: RealtyLink Online, Listings versus Sales

Housing Type Active Listings Jun. Sold Listings Av. 3 Months Sale No. Months Average Price
Detached 895 115 145 6.17 $830,000
Townhouse 445 84 105 4.24 $470,000
Condominiums 995 146 161 6.18 $350,000

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The Richmond total unit sales as reported in June, 2008 registered a drop of around 19% to 345 units as compared with 424 reported in May, 2008. Even though the total unit sales for the month were lower, the average prices reported were slightly higher in June as compared with the previous month.

The active listings for all detached, townhomes and apartments surpassed the previous month’s numbers. Active listings for detached homes increased from 790 units to 895, while Condo listings increased from 895 to 995 in June. The key indicator for pricing trend as measured by “Absorption Rate” for Condos and detached houses at 6.17 and 6.18 months respectively are now exceeding the 6-month inventory level. The supply of townhomes in Richmond also shot up from 3.45 months in May to 4.24 months in June. Overall, the sale momentum had slow down.

There are signs that the housing market in Richmond is now in a “Buyer’s market”. With more listings and slower sales, home prices are under pressure to maintain the present levels. Both detached homes and condos are expected to be faced with more selling pressure.

There are now many assignment sales for presale new condos nearing completion. Sellers of assignment contracts are hoping to avoid taking possession of their new condos and incurring the GST and Property Transfer Tax. Some of these presale new condo buyers are expected to lose money selling their new condos.

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