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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