Richmond Housing Report - April, 2010

May 24, 2010

Richmond Housing Report - List Vs Sold April, 2010
Source: RealtyLink Online

Housing Type Active Listings April Sales Av. 3 mth No. Months Average Price
Detached 690 178 185 3.73 $900,000
Townhouse 348 116 115 3.02 $500,000
Condominiums 825 207 187 4.41 $350,000

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The Richmond total homes sale for April, 2010 at 501 units was about 18% lower than the previous month sale of 571 homes. The supply of detached homes, townhomes and condos/apartments totaled around 1,863 units was 23% higher than the previous month total of 1,515 units. With the strong listing momentum and lower sales, the Richmond housing market is tipping towards a more balanced market.

Sale momentum can be expected to be maintained around current level. With more homes to choose from, buyers are taking their time and homes are taking longer to be sold. The market is expected to remain fairly active for the next few months. Price-wise, Sellers are expected to be more amendable to negotiation and accept lower prices than the previous months.

The list/sale ratio improved further from 3.53 to 3.82 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/sale ratio increases to 6 months supply to reach a balanced market.

Home prices are at or surpass the previous heights in 2007. We are likely to witness a double top, and home prices to ease and drift lower during the second half of 2010. In spite of expectation of an interest rate increase, recent events in Europe may help in the Bank of Canada taking a more moderate approach in raising interest rates.

Heading towards a balanced market?

Many home buyers are prompted to buy now if they find the suitable homes before higher interest rates and implementation of the new HST (if this is passed by the BC Government) .

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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Home buyer and seller activity increases in busy spring market

May 4, 2010

News Release: Real Estate Board of Greater Vancouver Housing Report, April 2010.

VANCOUVER, B.C. – May 4, 2010 –The Greater Vancouver housing market experienced increased activity in April thanks to a steady balance of home buyers and sellers entering the marketplace.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 3,512 in April 2010, the fifth highest-selling April on record. The figure represents an increase of 18.5 per cent Read more

Richmond waterfront condos at Riverport

May 1, 2010

How valuable is a Richmond waterfront condo?

Home buyers are willing to pay a price premium for waterfront properties. In Richmond, a truly waterfront condo development barely get noticed by residents in Richmond. A home buyer can still own a rare Richmond waterfront condo in Richmond at very affordable price.  You can view condos listed for sale at Waterstone Pier - 14100 Riverport 14200 and 14300 Riverport Way, Richmond.

Completed in 2007, Waterstone Pier features: 139 air-conditioned, condominium apartments in three separate four-storey wood-frame buildings over underground parking. Built with an emphasis on sustainable building practices, this was BC’s first wood-frame geothermal development, and first as a private utility for heating and cooling costs.

Riverport condosAt Riverport, Developer Brent Kerr’s decision to install the geothermal heating and cooling system in this suburban condo complex marked the first time such a system was available to home purchasers outside of the downtown Vancouver core. The geothermal heating and air-conditioning components of Waterstone Pier mean residents will enjoy year round ambient temperature and savings on heating and cooling their

Unique design concept

Designed by the award winning team at Hotson Bakker Boniface Haden Architects (the architectural firm responsible for shaping Granville Island), residents at Waterstone Pier condos are like living in a waterfront resort.

You can view these Richmond waterfront condos listed for sale at Waterstone Pier - 14100 Riverport 14200 and 14300 Riverport Way, Richmond.

If you are interested to view any of the homes listed for sale, kindly call me at 604-721-4817 or email me.

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