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

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.