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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