Richmond Housing Report - July 2008

August 18, 2008

Richmond Housing Report - List Vs Sold July, 2008
Source: RealtyLink Online, Listings versus Sales

Housing Type Active Listings Jul. Sold Listings Av. 3 Months Sale No. Months Average Price
Detached 990 92 119 8.32 $815,000
Townhouse 495 71 91 5.43 $450,000
Condominiums 1010 124 142 7.11 $315,000

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The Richmond total unit sales for July, 2008 registered a drop of around 17% to 287 units as compared with 345 units sold the previous month. The median price was lower by about 4% for single family homes, townhomes and condos/apartments. The year over year median prices remained higher than the previous year.

The active listings for all detached, townhomes and apartments surpassed the previous month’s numbers. Active listings for detached homes increased from 895 units to 990, while Condo listings increased from 995 to 1,010. The Absorption Rate for Condos and detached houses at increased from 6.18 to 7.11 months and 6.17 to 8.32 months respectively. The supply of townhomes in Richmond also shot up from 4.24 months to 5.43 months. Overall, Richmond’s now has 7.09 months supply of homes. The increased supply and reduced demand will result in home prices trending lower as motivated home sellers will be forced to accept lower prices to sell their homes.

The biggest challenge is for resale new condo sellers competing with presale assignment sales and developers selling their unsold units. The selling price per sq ft for new condos in Richmond appear to be holding at the $450 $460 range.

If you like to have the latest Richmond condo market info for various newly completed condo developments, you can contact James Wong at 604-721-4817 or send him an email.

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Greater Vancouver Housing Report - July 2008

August 11, 2008

Month-over-month housing prices retreat from record highs

VANCOUVER, B.C. – Aug 5, 2008 – As property listings continue to outpace sales, Greater Vancouver housing prices have drawn back, the last two months, from the record highs experienced in early 2008.

Since May 2008, housing prices, as calculated by the MLSLink Housing Price Index®, across each residential category have declined. Detached properties in Greater Vancouver declined 2.3 per cent through June and July 2008, while attached were down 1 per cent and apartment properties 2 per cent over the same period.

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