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 Homes are now taking longer time to sell, and some sellers are reported to have withdrawn their homes from the market.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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