Richmond housing market: good demand in some market segments

May 31, 2009

Why the Richmond housing market is so active lately?

The Richmond housing market turned bullish lately, especially family homes that are priced from $350,000 to $700,000. These homes include both townhouses and detached homes. The popular Richmond townhomes are those with 3 bedrooms, 1.5 to 3 baths and with living area from 1,250 sq ft to 1,600 sq ft. These homes are that are in demand are generally priced from $350,000 to $500,000. Read more

Richmond Townhouse Turned to a Seller Market

May 31, 2009

From buyer’s market to  seller’s market

Richmond townhouse market made a dramatic turn from a buyer’s market to a seller’s market. This is a big surprise to home buyers who briefly enjoyed a few months of abundant supply, to scarcity of suitable townhomes.

The big increase in sales for townhouses in Richmond in March and April accounted for 221 townhomes sold during the past 2 months. This effectively depleted the inventory to a level where strong demand from home buyers were creating multiple offers on some townhomes. Some homes were reported to be selling above their listing prices. Read more

Richmond Real Estate Online

May 30, 2009

newtownhouse.jpgRichmond Real Estate Online is brought to you by James Wong at Sutton Group West Coast. You can search online homes listed for sale on the real estate boards of Greater Vancouver and Fraser Valley. My Richmond real estate online website is designed with you in mind. You can view 24/7 and up-to-date listings of homes on the Multiple Listing Service System.

Real estate search online

My website, RealEstatesRichmond.com provides you easy access online to view detached homes, townhouses and condos/apartments listed for sale. If you prefer to search by neighborhoods, scroll to the bottom of the search page, and click on a neighborhood to view homes listed for sale in that neighborhood.

Real estate online using Goolge map search

You can easily and conveniently search homes listed for sales online using  Google map search.  First, you select the area, price, bedroom and bathroom to search for homes meeting your requirements, then, you press the “Search” button to automatically search for homes on the MLS System.

The list of homes meeting your requirements will be displayed according to the price rank from low to high or high to low depending on your selection .

The homes listed for sales include North Shore, West and East Vancouver, Burnaby, Coquitlam, New Westminster, Maple Ridge, Surrey, Langley, White Rock, Richmond, Tsawwassen, Ladner, Abbotsford, Mission and Chilliwack. Every home listed for sale in the metro Vancouver and Fraser Valley cities are available to you 24/7 and all the listings are shown as soon as they are posted on the MLS System.

If you have any questions on , or like me to help you with your buying or selling needs, kindly contact me at 604-721-4817 or email me.

Canadian House Price Index - March, 2009

May 28, 2009

The March report showed Canadian home prices are still falling

Press release:

Canadian home prices in March were down 5.8% from a year earlier, according to the Teranet-National Bank National Composite House Price Index™. It was the fourth consecutive 12-month decline. March was also the seventh straight month in which the composite index was down from the month before - the longest run of monthly declines since the beginning of index coverage in February 2000. Read more

Richmond Million Dollar Homes

May 13, 2009

The real estate market in Richmond is fast changing. The spring surge in sales restored some confidence back to the market that home prices were now stabilizing after more than 10 months of sales decline. Home prices generally are now some 12% to 15% lower than the peaks for various types of dwellings.

Million dollar homes market outlook

One particular important housing market segment in Richmond is the new home construction market for small home builders. The following data summarized the recent sales data for million dollar homes in Richmond. Most of these homes (over 78%) were under 15 years old. Read more

Real estate prices show upward trend

May 12, 2009

By Jeff Nagel - Abbotsford News, Published: May 11, 2009An uptick in real estate prices and more home sales in April are fresh evidence the Lower Mainland housing market may have found its footing after a steep recession-driven drop.

Prices across the region are still down at least 10 per cent compared to a year ago.

But the benchmark selling price for a detached house in Greater Vancouver climbed to $675,000 in April, up about four per cent from $649,000 in March.

Condos and attached homes were also up modestly compared to a month earlier, the Real Estate Board of Greater Vancouver reported.

Read the full article here.

Richmond Housing Report - List Vs Sold April, 2009

May 11, 2009

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

Housing Type Active Listings April Sales Av. 3 mth No. Months Average Price
Detached 670 135 107 6.26 $750,000
Townhouse 323 132 89 3.63 $425,000
Condominiums 680 162 125 5.44 $270,000

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The Richmond total home sales for April, 2009 picked up further with total sales improved 27% to 429 homes compared to the previous month sale of 337 homes. On a year-over-year basis, this was a drop of 8% from the April 2008 sales of 464 units. The median prices for detached homes and condos dropped slightly while townhome price gained slightly compared with the previous month.

The total active listings decreased 16% from 1,685 the previous month to 1,673 units. The improvement in sales helped to improve the supply / demand (list to sale) ratio greatly from 9.97 to around 5.87 months. The past 3 months re-bounce in home sales greatly helped to bring supply and demand in balance thereby helping to prevent further price decline in home prices.

The Big Picture

Overall, home prices for detached homes, townhomes, and condos are supported at current levels. Lower home prices combined with low interest rates are attracting more buyers entering the market. The market remained fairly active with more buyers making inquiries and searching out for homes.

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 information on Richmond real estate, you are welcome to contact me at 604-721-4817 or email me.

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B.C. housing prices still under pressure to fall, Scotia Economics says

May 7, 2009

 Below is an article by Derrick Penner, Vancouver Sun published May 6, 2009:

While British Columbia real estate sales have lifted from last fall’s dismal lows, market oversupply and deteriorating economic conditions will still pressure prices downwards, according to Scotia Economics.

March and April saw “pretty strong sales volumes” across the country, said Adrienne Warren, a senior economist with Scotia Economics, the Bank of Nova Scotia’s economic-research division. Read more

Buyer activity brings greater stability to the housing market

May 7, 2009

News Release - read full report here.

FOR IMMEDIATE RELEASE:

VANCOUVER, B.C. – May 4, 2009 – With more buyers and fewer homes for sale in recent months, the Greater Vancouver housing market has entered a more moderate and balanced state.

For the sixth consecutive month, new listings for detached, attached and apartment properties declined in Greater Vancouver, down 33.7 per cent to 4,649 in April 2009 compared to April 2008, when 7,010 new units were listed. Read more

Real estate: Is this a buying opportunity?

May 2, 2009

 A news article collection by Richmond BC Real Estates.com:

Canadian Business Online by Andy Holloway, dated April 27, 2009.

Prices are low. Money is cheap. But real estate investors still need to be mindful of where they are putting their money in this climate of uncertainty as we wait for the housing market to rebound.

Trust a real estate agent to put a positive spin on an otherwise incredible string of bad news about Canada’s housing industry since last June. Read more