BC Real Estate Market Update - September 2008

October 19, 2008

BCREA release - Residential average price in Greater Vancouver has dropped 8% year-on-year in Sep 2008.

British Columbia Real Estate Association (BCREA) reports residential sales dollar volume on the Multiple Listing Service® (MLS®) in BC declined 39% to $2.1 billion in September, compared to September 2007. Residential unit sales were down 34% to 5,107 units during the same period. The average MLS® residential price in the province was $412,149, down 7% from September 2007. Read more

Richmond Housing Report - September 2008

October 5, 2008

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

Housing Type Active Listings Sep. Sold Listings Av. 3 Months Sale No. Months Average Price
Detached 1000 59 67 14.93 $800,000
Townhouse 520 41 50 10.40 $450,000
Condominiums 1010 134 117 8.63 $345,000

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The Richmond total unit sales for September, 2008 registered an increase of 31% to 234 units as compared with 178 units sold the previous month. The average price for townhomes was down at $450,000 as compared with around $488,000 the previous month. Detached single family homes came down slightly in price from $810,000 to $800,000. Apartment prices however, went up from 325,000 to $345,000 compred with the previous month.

The total active listings registered a 4% increase from 2,430 units to 2,530 units. Active listings for detached homes, townhomes and condos decreased for the month were at 1,000, 520 and 1,010 units respectively. The Absorption Rate as compared with the previous month for detached houses and townhouse deteriorated further from 11.13 to 14.93 months, and 7.50 to 12.97 months respectively . The improvement in condo sales helped to moderate the build-up in inventory moderately from 8.18 to 8.63 months.

The Big Picture

Overall, Richmond’s now has 10.86 months supply of homes… an increase from 9.00 months supply in August. The over supply of homes will continue to put pressure on selling prices. Price decline was confined to older homes, and 10% or more price decline was recorded through listing and sale data on the MLS system.

For now resale new condos’ prices in Richmond are holding. The selling price per sq ft for resale new condos in Richmond appears to be holding at the $450 $500 range.

Click the link here for more information on Richmond’s new condo projects and completed condos. Inquiry on availability and prices can be directed to James Wong at 604-721-4817 or send him an email.

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Greater Vancouver Housing Report - September 2008

October 5, 2008

Here’s the Real Estate Board of Greater Vancouver’s news release:

VANCOUVER, B.C. – October 2, 2008 – The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver declined 42.9 per cent in September 2008 to 1,585 from the 2,776 sales recorded in September 2007.

New listings for detached, attached and apartment properties increased 28.8 per cent to 6,142 in September 2008 compared to September 2007, when 4,770 new units were listed. Read more