Richmond Housing Report – October, 2009

November 24, 2009

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

Housing Type Active Listings October Sales Av. 3 mth No. Months Average Price
Detached 500 185 182 2.75 $875,000
Townhouse 285 137 137 2.08 $460,000
Condominiums 620 222 212 2.92 $350,000

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The Richmond total home sale for October, 2009 at 544 units kept up relatively well with the previous month sale of 570 homes. The supply of detached homes and townhomes continued to decline moderately, while condo listings grew slightly.

The total active listings at the end of October at 1,405 units were were just marginally lower than the previous month’s listings of 1,435 units. The supply / demand (list to sale) ratio remained tight around 2.65 months. The past 9 months re-bounce in home sales, and lack of new inventory coming onto the market, helped to pushed home prices higher.

The market continued to be very active with home buyers ready to commit when they come across homes meeting their requirements. Sales activities remain strong, and many home buyers are looking out for new listings and the right homes to buy.

Will current bullish market continue?

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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