Richmond housing market cooling off

June 26, 2010

 Signs of Richmond housing market cooling

The increase in the list/sale ratio (months of inventory) is steady, but not alarming. The ratio climbed from 2.9 months inventory in January to 4.39 months of supply last month. Home decline in home prices are likely to be started by weak sellers are under pressure to sell. Until the list/sale ratio cross over to 6 months inventory, home prices may be maintained at current level. Currently, some sellers are adjusting to the slower market by reducing their selling prices. The selling pressure is not as great and urgent as seen in the spring of 2008. Read more

Richmond Housing Report - May, 2010

June 25, 2010

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

Housing Type Active Listings May Sales Av. 3 mth No. Months Average Price
Detached 795 156 161 4.94 $935,000
Townhouse 400 113 126 3.80 $490,000
Condominiums 935 171 193 4.84 $365,000

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The Richmond total homes sale for May, 2010 at 440 units was about 12% lower than the previous month sale of 501 homes. The supply of detached homes, townhomes and condos/apartments totaled around 2,130 units was 14% higher than the previous month total of 1,863 units. This is the second month in a row that homes sale was lower than the previous month, and listings was higher than. The months of inventory increased steadily from around 2.90 in January to around 3.5 months in February and March to 3.82 in April. May’s supply/demand ratio at 4.23 further signaled the housing market was cooling off, and heading towards a balanced market.

Sale momentum is slowing and the increased inventory has resulted in buyers taking their time before making their offers. Homes are now taking longer time to sell, and some sellers are reported to have withdrawn their homes from the market. Sellers are reported to be more willing and flexible in their price negotiation. There are not signs of home prices going down,  but motivated sellers are keen to consider all offers.

The increase in the list/sale ratio is steady, but not alarming. Until the list/sale ratio cross over to 6 months inventory, home prices may be maintained at current level. The lower sales activities have resulted in many weak home sellers reducing their selling prices. 

The fall market  is not looking good

Many home buyers are willing to buy now if they find the suitable homes, before interest rates go higher and the implementation of the new HST (if this is passed by the BC Government) on July 01, 2010. More buyers may want to wait for home prices to fall before getting into the market. Price erosion can be expected when weak sellers are under pressure to sell their homes in the coming fall and winter months.

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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Selling a tenanted condo

June 11, 2010

Condo owners in a jam trying to sell their tenanted condos

Some condo sellers are in a jam trying to sell their tenanted properties. Increasingly, there are stories about tenants refusing entry for showings, threatening to sue, or insisting that they must be present and at their convenience before the homes can be shown.

Legally speaking, the tenants are obliged to co-operate when they have been given sufficient notice by the listing Realtors. Unfortunately, many tenants choose not to co-operate Read more

Home prices on the way down?

June 5, 2010

Thee are signs that the metro Vancouver housing market is cooling off with more supply and lesser sales.

Metro Vancouver real estate markets edged off their peaks in May with lower sales, more listings and prices flattening out after a record setting rebound, according to figures from the

The Real Estate Board of Greater Vancouver reported on Friday, June 04, 2010 that May sales for Greater Vancouver was down 10% from a year ago.

There were 7,014 new listings added to the housing inventory in May, 48 per cent more than a year ago. Read more

May market offers buyers greater selection

June 5, 2010

News Release: Real Estate Board of Greater Vancouver Housing Report, May 2010.
The number of properties listed for sale in Greater Vancouver continued to rise in May, while the number of sales showed a year-over-year decrease.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 3,156 in May 2010, a decline of 10.4 per cent compared to the 3,524 sales in May 2009; 5.1 per cent more than the 3,002 sales in May 2008; and 27.1 per cent less than the 4,331 sales in May 2007. Read more