Richmond Housing Report - List Vs Sold September, 2010

October 14, 2010

Richmond Housing Report - List Vs Sold September, 2010

Source: RealtyLink Online

Housing Type Active Listings September Sales Av. 3 mth No. Months Average Price
Detached 600 110 114 5.26 $920,000
Townhouse 330 84 77 4.28 $530,000
Condominiums 770 148 130 5.92 $351,000

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The Richmond total homes sale for September, 2010 at 342 units was just 2% higher than the previous month sale of 335 homes. The supply of detached homes, townhomes and condos/apartments totaled around 1,700 units was 7% lower than the previous month total around 1,827 units. The supply of listings continued to drop and with slower sales compared with earlier months sales between 450 to 500 units in the first half of 2010. The months of inventory for September at 5.30 months moved the market towards a more balanced market. Home prices are expected to soften the next 3 months and sellers can be expected to be more willing to negotiate with buyers to get their homes sold.

The condo market is heading for more pricing pressure, as the supply and demand ratio is now approaching 6 months supply of homes. In fact, condos under 5 years at the end of September, 2010 was at 7 months supply. With many new condos that are completing, and some of these coming on the market as resale new homes, more pricing pressure can be expected, thereby resulting in condos selling 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.

Disclaimer: The writer assumes no liability whatsoever, for errors and/or omissions and any consequences arising either directly or indirectly from the use of information provided by this website. Any data provided are strictly for guidance and planning purposes only and may not be applicable due to ever changing market dynamics.

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Housing market factors indicate stability in recent months

October 6, 2010

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

VANCOUVER, B.C. – October 4, 2010 – September home sales in Greater Vancouver were consistent with activity experienced in the preceding two months across most categories.

The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totalled 2,220 in September 2010. This represents a 0.8 per cent increase compared to August 2010 and 37.6 per cent decline from the 3,559 sales in September 2009. Read more