Richmond Housing Report, June 2010

July 11, 2010

Richmond Housing Report - List Vs Sold June, 2010

Source: RealtyLink Online

Housing Type Active Listings June Sales Av. 3 mth No. Months Average Price
Detached 800 139 158 5.06 $935,000
Townhouse 352 133 121 2.90 $490,000
Condominiums 903 179 186 5.90 $365,000

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The Richmond total homes sale for June, 2010 at 451 units 3% higher than the previous month sale of 440 homes. The supply of detached homes, townhomes and condos/apartments totaled around 2,055 units was at about the same level as the previous month total of 2,130 units. The supply of listings appeared to be stable for now, while sales volume was maintained around the same level as the previous month. The months of inventory for June at 4.43 months was about 5% higher than the May supply at 4.23 months. The trend is heading towards a balanced market, with home prices softening and sellers more willing to negotiate on their prices.

Sale momentum is slowing and homes are taking longer to sell, and sellers are reported to be more willing and flexible in their price negotiation. The increase in the list/sale ratio is steady, but not alarming. With slower sales, the list/sale ratio is heading towards the supply/demand ratio of 6 months inventory. The lower sales activities have resulted in many weak home sellers reducing their selling prices.

Further softening in home prices expected

Many home buyers are willing to buy now if they find the suitable homes, and drive a hard bargain as sellers are more motivated to sell now. The implementation of the new HST is already having an effect on the sales of older homes. New home builders are reported to be staying on the sideline, and many older homes that used to sell within days at $750, 000 range in the “Seafair neighborhood” are now sitting on the market.

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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Activity steady to start the summer season

July 6, 2010

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

VANCOUVER, B.C. – July 5, 2010 – The Greater Vancouver housing market experienced steady activity to begin the summer season. The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 2,972 in June 2010, a decline of 30.2 per cent compared to the 4,259 sales in June 2009, which was the second highest selling June on record.

“Activity in June marked a healthy balance Read more