Richmond Housing Report – List Vs Sold June, 2009

July 8, 2009

Richmond Housing Report – List Vs Sold June, 2009
Source: RealtyLink Online

Housing Type Active Listings June Sales Av. 3 mth No. Months Average Price
Detached 610 204 170 3.59 $775,000
Townhouse 330 155 138 2.39 $425,000
Condominiums 600 225 196 3.06 $320,000

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The Richmond total home sales for June, 2009 picked up further with total sales improvement of 18% to 584 homes compared to the previous month sale of 497 homes. On a year-over-year basis, last month’s sales showed an increase of 69% over the same month sale of 345 homes in 2008.

The total active listings at the end of June dropped slightly from 1,550 the previous month to 1,540 units. The improvement in sales helped to improve the supply / demand (list to sale) ratio further from 3.68 to around 3.06 months. The past 5 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 regaining in prices. At current level, the market is a seller’s market – sellers are in control.

Will current bullish market continue?

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 left by homes depleted from the market. The question is will home sales slow down from here on?

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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