Richmond Housing Report - List Vs Sold August, 2009

September 28, 2009

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

Housing Type Active Listings August Sales Av. 3 mth No. Months Average Price
Detached 510 170 198 2.58 $820,000
Townhouse 310 126 153 2.03 $460,000
Condominiums 590 183 213 2.77 $320,000

Richmond detached homes

Richmond townhouses

Richmond condos

Richmond condos
The Richmond total home sale for August, 2009 at 479 units was 24% lower than the previous month sale of 630 homes. The supply of detached homes continue to shrink, while townhomes were at around the same level. The supply of condos picked up slightly.

The total active listings at the end of August at 1,410 units were around the sale level as for the previous month of 1,416 units. The supply / demand (list to sale) ratio remained at the 2.50 months as compared with the previous month at 2.48 months. The past 7 months re-bounce in home sales, and lack of new inventory coming onto the market, continues to exert pressure on buyers resulting in homes gaining in prices.

The drop in sales in August if continue into the autumn months may help to ease home prices going higher. Home prices appear to have regain all the losses from their peaks.

Will current bullish market continue?

There are many home buyers still looking for the right homes to buy. Sales activities remain strong. The fall season and the lack of inventory is expected to dampen sales. While seasonal reduction in sales for the autumn and winter months can be expected, home prices are expected to remain at current level.

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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CMHC predicts rebound in housing

September 9, 2009

 By BRENDA BOUW The Canadian Press - Sept 8, 2009

Canada’s national housing agency predicts home construction to make a comeback in the second half of this year and into 2010, however economists say it could be a long time before we see the same building frenzy that has dominated this decade.

Canada Mortgage and Housing Corp. says it believes housing starts will hit 141,900, of which 68,400 will be single-family detached homes and 73,500 multiple-housing units, such as condos. Read more

No Olympic gold in sight for real-estate speculators

September 7, 2009

By Susan Lazaruk, The Province - September 2, 2009

Next year’s Olympics won’t cause the real-estate market to dramatically rise or fall, but B.C. will see a gradual total increase in house sales of six per cent in 2010, according to one real-estate company.

The recent uptick in the real-estate market — housing sales have doubled in some B.C. regions — has less to do with the coming Olympics than with pent-up demand from the downturn, coupled with low interest rates, said realtor John Geha, president of Coldwell Banker.

Read the full report here.

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Market momentum carries into August

September 5, 2009

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

Vancouver B.C. - September 2, 2009 - The number of home sales in Greater Vancouver increased significantly last month compared to August 2008 and moved closer in line with the active summer months experienced between 2003 and 2007.The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver increased 119.5 per cent in August 2009 to 3,441 from the 1,568 sales recorded in August 2008 and increased 1.7 per cent compared to August 2007. Read more