Richmond Housing Report – List Vs Sold December, 2008

January 10, 2009

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

Housing Type Active Listings December sales Av. 3 mth No. Months Average Price
Detached 775 38 38 20.39 $770,000
Townhouse 425 26 28 15.18 $435,000
Condominiums 880 56 60 14.66 $265,000

Richmond detached homes sale

Richmond townhomes sale

Richmond condos sale
The Richmond total unit sales for December, 2008 registered an improvement in sales of 120 homes as compared to 84 units in December. But, on a year-over-year basis, this is a drop of 57% as compared with the December 2007 sales of 277 units. The average price for detached homes in December was skewed and registered a higher value of $770,000 as compared to $735,000 in November. Similarly, townhouse average price also showed and increase in value from $425,000 to $435,000 in December. Average apartment price declined from $305,000 to $275,000 level.

The total active listings dropped significantly from 2,495 units the previous month to around 2,080 units as many homes were taken off the market by the end of month. The supply / demand ratio or list to sale ratio for the month registered a change from 15.21 t0 16.51 months of supply .

The Big Picture

Overall, the low sale figures and high inventory showed the market has over 16 months supply of inventory. The significant drop in supply helped to improve the list/sale ratio which is still very high at 16.51 months supply. Home buyers are expecting further price decline from current prices.

Follow this link to view the latest Greater Vancouver and Canadian housing reports and news. 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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