Richmond Real Estate: Million Dollar Homes Market Update

March 18, 2009

Richmond million dollar homes market up-date

An analysis on the housing market for Richmond’s million dollar homes for the first 2.5 months showed that this market segment followed the rest of the Richmond real estate market. Home prices for this high-end market segment however held on relatively well as compared with the older resale homes. View million dollar homes listed on MLS here.

Million dollar homes selection criteria

The homes selected were limited to those under 5 years old, listed and sold within the $1 to $3 million price range. Read more

Greater Vancouver real estate market

March 7, 2009

Greater Vancouver real estate sales rose in February

“The Real Estate Board of Greater Vancouver says home sales in February were both up and down.

Sales were up from the previous month, but still down compared with the same period last year.

In February, 1,480 homes were sold in Greater Vancouver, compared with 762 in January, an increase of 94 per Read more

Richmond Housing Report - List Vs Sold February, 2009

March 6, 2009

Richmond Housing Report - List Vs Sold February, 2009
Source: RealtyLink Online, Listings versus Sales

Housing Type Active Listings February Sales
Av. 3 mth No. Months Average Price
Detached 680 69 46 14.78 $780,000
Townhouse 380 47 29 13.10 $415,000
Condominiums 760 83 65 11.69 $285,000

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The Richmond total home sales for February, 2009 increased almost 100% to 199 from the low 99 homes sold the previous month. On a year-over-year basis, this is a drop of 48% from the February 2008 sales of 378 units. The average price for detached homes sold in February was at $780,000. The average price for townhouses and condos for the month were at $415,000 and $285,000 respectively.

The total active listings increased slightly from 1,750 the previous month to 1,820 units. The improvement in sales helped to reduce the supply / demand (list to sale) ratio from 17.33 months to 13.09 months. Sellers are still under a lot of pressure to lower their selling prices.

The Big Picture

Overall, significant listing price drop in the range of 12% to 15% helped to attract more buyer activities. The current supply and demand ratio at 13.09 months will continue to exert pressure on selling prices. There were more activities reported over the past few weeks, and many homes were reported  to be under contracts pending confirmation of their sales.

More listings can be expected to appear as home sellers whose properties expired previously will want to sell their homes again. You can read the latest news on Greater Vancouver and Canadian housing reports here.

Use this link to view homes available for sale in Richmond.

For more inforamtion, you are welcome to contact me at 604-721-4817 or email me.

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Property listings decrease, as February sales improve

March 4, 2009

REBGV News Release

VANCOUVER, B.C. – March 3, 2008 – Residential housing sales in Greater Vancouver rose 94 per cent in February compared to the month before, with 1,480 sales registered in February compared to 762 sales in January, which was the slowest month for housing sales in 25 years. Over the past 10 years, February sales have typically surpassed January by an average increase of 53 per cent.

At the same time, new MLS® listings for residential properties continued to decrease for the fourth month in a row. Read more