Richmond Housing Report – January, 2010

February 13, 2010

Richmond Housing Report – List Vs Sold January, 2010
Source: RealtyLink Online

Housing Type Active Listings January Sales Av. 3 mth No. Months Average Price
Detached 390 113 128 3.05 $950,000
Townhouse 190 72 105 1.81 $480,000
Condominiums 535 142 181 2.95 $335,000

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The Richmond total home sale for January, 2010 at 328 units was about 14% lower than the previous month sale of 383 homes. The supply of detached homes, townhomes and condos/apartments totaled around 1,115 units was about 64% of the total listings as compared to a year ago. .

The total active listings at the end of January, 2010 increased by about 13% as compared to the previous month’s 983 listings. The lack of new listings continued to put pressure on selling prices. The supply / demand (list to sale) ratio remained very tight, at 2.90 months of inventory. This is far from the 6 months supply to be consider reaching a balanced market.

It’s still a buyer’s market

The market continued to be very active with home buyers ready to commit when they come across homes meeting their requirements. Home buyers are looking out for new listings and ready to pay prevailing market prices which are now at or surpassing the previous heights in 2007. The media and housing experts are cautioning home buyers, to 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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