Metro Vancouver home sales up 16.4 per cent in May

June 16, 2009

The surge in Metro Vancouver homes sales the past 3 months had resulted in reversal of the price decline since the middle of 2008. The Vancouver sun reported on June 16, 2009 “Fourth straight increase in monthly sales, as reported by the Canadian Real Estate Association”.

“The housing market continued to rebound in May with a fourth consecutive increase in monthly sales, according to the CREA”. Read more

Richmond is one of Geater Vancouver’s hottest real estate markets

June 12, 2009

A Vancouver Sun article by Derrick Penne, June 11, 2009:A bucolic chunk of Langley Township is the Lower Mainland’s hottest real-estate neighbourhood, a place where average prices are actually higher now than a year ago, says realty firm Century 21.

The rural utopia of horse paddocks and pastures came out tops in the company’s research on the best-performing areas in the Lower Mainland for real estate prices. Read more

Richmond Housing Report - List Vs Sold May, 2009

June 7, 2009

Richmond Housing Report - List Vs Sold May, 2009
Source: RealtyLink Online

Housing Type Active Listings May Sales Av. 3 mth No. Months Average Price
Detached 610 170 141 4.32 $715,000
Townhouse 335 127 116 2.89 $430,000
Condominiums 605 200 164 3.70 $335,000

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The Richmond total home sales for May, 2009 picked up further with total sales improvement of 16% to 497 homes compared to the previous month sale of 429 homes. On a year-over-year basis, last month’s sales showed an increase of 17% over the same month in 2008.

The total active listings dropped another 8% from 1,673 the previous month to 1,550 units. The improvement in sales helped to improve the supply / demand (list to sale) ratio greatly from 5.21 to around 3.68 months. The past 4 months re-bounce in home sales, and lack of new inventory coming onto the market, is now creating another round of buying resulting in some home prices showing gain in their selling prices. At current level, the market technically is now back in a seller’s market.

The Big Picture

Sales may follow previous years decline in activities after the spring surge in sales each year. New inventory is not coming onto the market fast enough to fill the void after more than 1,263 homes were depleted from the market. Unless home buyers continue the buying spree, paying higher prices for less attractive homes - this may not be likely. Until the market re-balance with more inventory, sales will drop off like previous years as shown here.

For now home sellers are holding on to their selling prices, and many homes were found to be selling at higher prices than the past 3 months. The Richmond housing market is presently very active, and there are now more buyers willing to commit to buy when they find the homes they like.

You can follow the monthly housing market up-date for Greater Vancouver 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. condo court case opens door to pre-sale walkouts

June 6, 2009

 Vancouver Sun article - by Derrick Penner published June05, 2009

A recent court decision that allowed a Richmond couple to walk away from their contract to buy a pre-sale condominium gives ammunition to dozens of buyers being sued by developers for failing to complete their purchases, say the lawyers representing some of them.

B.C. Supreme Court Judge Lynn Smith, in a judgment released Wednesday, ruled that Timothy and Teresa Dwane had the right to rescind their agreement to buy a $3.5-million condominium in a development called Coast at the University of B.C.

Read the full article here.

Greater Vancouver Real Estate Market - May, 2009

June 6, 2009

Home sales in May were pretty hot in the Greater Vancouver area, and the rush to buy had resulted in many well priced new listings receiving multiple offers. In Richmond, the months of inventory for detached homes, townhomes and condos fell from more than 10 months in February to 4.32, 2.89 and 3.70 respectively in May. The months of inventory for detached homes, townhomes and condos in Richmond are now tipping from a balanced market to a seller’s market. Read more

Increased demand steadies housing market in Greater Vancouver

June 4, 2009

Real Estate Board of Greater Vancouver Housing Report - read full report here.FOR IMMEDIATE RELEASE

Vancouver, June 02, 2009

A continued increase in buyer activity over the last four months has resulted in increased home sales and lessened the downward pressure on housing prices in Greater Vancouver.

The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totalled 3,524 in May 2009, an increase of 17.4 per cent from the 3,002 sales recorded in May 2008, and an increase of 18.9 per cent compared to last month. Read more