Richmond Housing Report – List Vs Sold November, 2008

December 14, 2008

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

Housing Type Active Listings Nov. Sold Listings Av. 3 Months Sale No. Months Average Price
Detached 915 27 45 20.33 $735,000
Townhouse 530 23 33 16.06 $415,000
Condominiums 1050 34 60 17.50 $305,000

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The Richmond total unit sales for October, 2008 registered a further drop of 42% to 84 units as compared with the already dismal 144 units sold the previous month. The average price for townhomes continued to decline from around $420,000 to $415,000. The average price for detached single family homes came significantly from $790,000 the previous month to around $735,000. Average apartment price however, bounce back from $260,000 to around $305,000 level (influenced greatly by the mix of condos sold).

The total active listings dropped slightly from 2,540 units the previous month to 2,495. The extremely low sales for the month resulted in the Absorption Rates (list to sale ratio) staying at around 15.21 months.

The Big Picture

Overall, the low sales and high inventory had resulted in the market being over supply with 15 months of home inventory. The lack of buyers interest will likely continue for a few more months. Buyers are expecting further housing price decline from current prices. So far, home prices may have already come down by 10% to 12%. Home buyers are staying on the sideline, and they are waiting for better bargains in 2009.

Click this link to view Richmond’s new condo projects and completed condos. You are welcomed to contact me for information on homes available for sale in Richmond, BC. I can be contacted reached at 604-721-4817, or you can send me an email.

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