Richmond Housing Report – October 2008

November 7, 2008

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

Housing Type Active Listings Oct. Sold Listings Av. 3 Months Sale No. Months Average Price
Detached 990 49 52 19.04 $790,000
Townhouse 550 34 37 14.84 $420,000
Condominiums 1000 91 106 9.43 $260,000

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The Richmond total unit sales for October, 2008 registered a drop of 38% to 144 units as compared with 234 units sold the previous month. The average price for townhomes continued to decline from around $450,000 to $420,000. The average price for detached single family homes came down slightly in price from $800,000 the previous month to $790,000. Average apartment price however, came down sharply around $325,000 to around $260,000 level.

The total active listings remained around the same level at 2,540 units compared to to 2,530 units the previous month. The Absorption Rate for detached houses increased significantly from 14.93 to 19.04, townhomes inventory jump from 10.40 the previous month to 14.84 months. The condos inventory went up from 8.63 to 9.43 months.

The Big Picture

Overall, Richmond now has 12.96 months supply of homes. The market is definitely a buyer’s market, and at this level, the over supply of homes will continue to put downward pressure on home prices. The price declines for single family homes, townhouses and condos/apartments continued trending down.

For now resale new condos’ prices in Richmond are holding. But, the lack of sales for new condos could also mean that home buyers are not buying. This could explain why the average price for apartments dropped so sharply from $325,000 the previous month to $260,000 in October.

Click the link here for more information on Richmond’s new condo projects and completed condos. You are welcome to contact me on the availability and prices for new and resale condos in Richmond. I can be reached at 604-721-4817 or you can send me an email.

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