Richmond Housing Report – November, 2009

December 12, 2009

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

Housing Type Active Listings November Sales Av. 3 mth No. Months Average Price
Detached 410 152 176 2.32 $875,000
Townhouse 255 99 128 1.99 $460,000
Condominiums 610 189 214 2.85 $330,000

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The Richmond total home sale for November, 2009 at 440 units showed a 20% drop in sales compared with the previous month sale of 544 homes. The supply of detached homes and townhomes was less than 50% as compared to a year ago. Similarly, condos  listing was about 40% lower in November as compared to a year ago.

The total active listings at the end of November at 1,275 units were 10% lower than the previous month’s listings of 1,405 units, and just about 50% of the total listings of 2,520 in November 2008. The supply / demand (list to sale) ratio remained tight around 2.46 months. The past 10 months re-bounce in home sales, and lack of new inventory coming onto the market, continued 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. The media and housing experts are cautioning home buyers that the housing market may be too rich and any adverse events may cause a pull back in home sales.

Will current bullish market continue?

The sales pace for November was lower than the previous 2 months. This can be attributed to the colder and wet weather that dampen sales. However, the lack of new supply and strong demand from home buyers continued to push home prices higher.

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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