Richmond Housing Report – February, 2010

March 17, 2010

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

Housing Type Active Listings February Sales Av. 3 mth No. Months Average Price
Detached 475 154 129 3.68 $925,000
Townhouse 215 81 101 2.65 $485,000
Condominiums 625 154 149 4.19 $355,000

Richmond detached houseRichmond townhouse

Richmond condos / apartments
The Richmond total home sale for February, 2010 at 389 units was about 19% higher than the previous month sale of 328 homes. The supply of detached homes, townhomes and condos/apartments totaled around 1,315 units was 18% higher than the previous month total of 1,115 units.

With more listings coming onto the market, the tight supply of homes in Richmond is expected to ease gradually. Sale momentum can be expected to be maintained, as buying interest is expected to continue until the end of June. Home buyers are trying to make their purchases and close before the end of June, 2010. The market continued to be very active with home buyers ready to commit when they come across homes meeting their requirements.

The list/sale ratio improved greatly from 2.90 to 3.47 months inventory. There are now more sellers and listings, and the rush to buy by buyers is easing. Currently, price reduction is not as prevailing, but this is expected to change if homes are sitting on the market too long. It may take some time before the list to sale ratio increase to 6 months inventory to reach a balanced market.

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 that they can afford.

Heading towards a balanced market?

The sales pace is expected to remain active until the middle of the year. Buyers are prompted to buy now before the interest rates spike up the second half of 2010. The pending implementation of HST for new homes will likely affect higher valued new homes that are priced over a quarter of a million.

You can use the link here 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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