Richmond Housing Report – List Vs Sold January, 2009

February 10, 2009

Richmond Housing Report – List Vs Sold January, 2009
Source: RealtyLink Online, Listings versus Sales

Housing Type Active Listings January Sales AV. 3 mth No. Months Average Price
Detached 625 30 32 19.53 $700,000
Townhouse 375 13 21 18.86 $435,000
Condominiums 750 56 49 15.30 $260,000

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The Richmond total unit sales for January , 2009 remained very low at 99 homes as compared to 120 units sold the previous month. On a year-over-year basis, this is a drop of 75% as compared with the January 2008 sales of 391 units. The average price for detached homes in January registered a decline in price from $770,000 in December to $700,000 this month. The average price fro townhouses for the month was not available for comparison. Average apartment price continue to decline from $275,000 in December to $260,000 this month.

The total active listings dropped further from 2,080 units the previous month to around 1,750 units as more homes expired or taken off the market. The list to sale ratio for the month increased slightly from 16.51 months to around 17.33 months.

The Big Picture

Overall, the low sale figures and high inventory continued to put pressure on selling prices. The supply demand situation may continue to favor home buyers. The weak demand from home buyers may remain for sometime as bearish economic news and deteriorating  employment situation in Canada will affect buyers sentiment.

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

For information on homes available for sale in Richmond, you are welcome to contact me at 604-721-4817 or you can email me.

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