Richmond Housing Report – List Vs Sold July, 2009

August 12, 2009

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

Housing Type Active Listings July Sales Av. 3 mth No. Months Average Price
Detached 595 221 198 3.01 $780,000
Townhouse 305 179 154 1.98 $430,000
Condominiums 515 230 218 2.36 $330,000

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The Richmond total home sales for July, 2009 picked up further with total sales improvement of 8% to 630 homes compared to the previous month sale of 584 homes. On a year-over-year basis, last month’s sales showed an increase of 120% over the same month sale of 287 homes in 2008.

The total active listings at the end of June dropped slightly from 1,540 the previous month to 1,415 units. The improvement in sales helped to improve the supply / demand (list to sale) ratio further from 3.06 to around 2.48 months. The past 6 months re-bounce in home sales, and lack of new inventory coming onto the market, is now creating another round of buying resulting in homes regaining in prices. The current  seller’s market situation is expected to continue into the autumn months of 2009.

Will current bullish market continue?

So far, there are no signs of the market slowing down. Sales activities remain strong, and many homes were sold within days of being listed on the market. New inventory is not coming onto the market fast enough to fill the void left by homes depleted from the market. The strong momentum in buyer demand may continue until the end of 2009.

For now home sellers are holding on to their selling prices, and many homes were found to be selling at higher prices now. 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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