Richmond Housing Report – December, 2009

January 7, 2010

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

Housing Type Active Listings December Sales Av. 3 mth No. Months Average Price
Detached 308 120 152 2.03 $885,000
Townhouse 175 111 116 1.51 $470,000
Condominiums 500 152 188 2.65 $330,000

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The Richmond total home sale for December, 2009 at 383 units was about the same as compared with the previous month sale of 440 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 December dropped to an all time low at 983 units. The lack of new listings continued to  put pressure on selling prices. The supply / demand (list to sale) ratio remained extremely tight, and dropped from 2.46 to 2.15 months of inventory. The past 11 months re-bounce in home sales, and lack of new inventory, 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 to be cautious, and only consider taking on home mortgages hat they can afford.

Will current bullish market continue?

The sales pace for the first quarter of next year is expected to maintain current buyer interest. Some buyers may be prompted to buy now before the interest rates spike up the second half of 2010, and the pending implementation of HST for new homes.

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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