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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