Richmond Housing Report - August 2008

September 13, 2008

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

Housing Type Active Listings Aug. Sold Listings Av. 3 Months Sale No. Months Average Price
Detached 960 49 85 11.30 $810,000
Townhouse 480 37 64 7.50 $488,000
Condominiums 990 92 121 8.18 $312,000

hselistsold08.GIF

thse08.GIF

new-image.GIF
The Richmond total unit sales for August, 2008 registered a drop of around 38% to 178 units as compared with 287 units sold the previous month. The average price for townhomes was higher at $488,000 as compared with around $450,000 the previous month. The average price for detached single family homes and condos/apartments remained around the same level as reported the previous month.

The active listings for all detached, townhomes and apartments registered a small drop from the previous month’s numbers. Active listings for detached homes, townhomes and condos decreased from 990 units to 960, 495 to 480 and 1,010 to 990 respectively. The Absorption Rate for detached houses, townhomes and condos all increased from 8.32 to 11.30 months, 5.43 to 7.50 months and 7.11 to 8.18 months respectively.

Overall, Richmond’s now has 9.00 months supply of homes. The increased supply and reduced demand will result in home prices trending lower as motivated home sellers will have to accept lower prices to sell their homes.

Home buyers are holding off and staying on the side line for now. The slower market had resulted in many sellers taking their properties off the market as they expired, and others reducing their selling prices. For now resale new condos’ prices are holding. Price decline was confined to older homes, and 10% or more in price adjustment was recorded through listing and sale data on the MLS system.

The selling price per sq ft for resale new condos in Richmond appear to be holding at the $450 $500 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.

Return to Homepage.

Greater Vancouver Housing Report - August 2008

September 4, 2008

Summer lull sees properties stay on market

VANCOUVER, B.C. – September 3, 2008 – The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 1,568 in August 2008, a decline of 53.7 per cent from the 3,384 sales in August 2007, and a 47.7 per cent reduction from the 2,998 sales recorded in August 2006.

New listings for detached, attached and apartment properties declined 1.7 per cent to 4,331 in August 2008 compared to August 2007, when 4,408 new units were listed.

Read more