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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