Richmond Housing Report - List Vs Sold August, 2010

September 24, 2010

Richmond Housing Report - List Vs Sold August, 2010

Source: RealtyLink Online

Housing Type Active Listings August Sales Av. 3 mth No. Months Average Price
Detached 675 124 123 5.50 $950,000
Townhouse 352 84 93 3.78 $490,000
Condominiums 800 127 141 5.67 $370,000

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The Richmond total homes sale for August, 2010 at 335 units was 17% higher than the previous month sale of 286 homes. The supply of detached homes, townhomes and condos/apartments totaled around 1,827 units was 11% lower than the previous month total around 2,055 units. The supply of listings dropped and sales slowed down as compared with earlier months sales around 500 units in the first 4  months of 2010. The months of inventory for August at 5.12 months moved the market towards a more balanced market. Home prices are expected to soften the next few months, and sellers are expected to be more willing to negotiate with buyers to get their homes sold.

The condo market is more troubling, as the supply and demand ratio had now crossed over to over 6 months supply of homes. With many new condos that are completing, and some of these coming on the market as resale new homes, will experience pricing pressure forcing such homes to be sold at lower prices.

The lingering issues with HST payable for higher-valued homes, especially new detached spec-homes built by builders will adversely affect the bottom line for new home builders. Until the HST issue is cleared up, building spec-homes for sale by new home builders, will likely be replaced by building new homes for buyers “under contract” to reduce the HST cost.

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. New home builders are cautious and many are reported to be staying on the sideline. Older homes that used to sell within days at $750, 000 range in the “Seafair neighborhood” are now taking much longer time to sell, and at lower prices.

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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Buyer’s market conditions continue in Greater Vancouver

September 20, 2010

Thursday, September 2, 2010 -Read full report here.

VANCOUVER, BC - Conditions in the Greater Vancouver housing market continued to favour buyers in August. Since April, prices have edged down slightly as the number of sales and the number of properties coming on to the market have been declining.

The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totalled 2,202 in August 2010. Read more