Richmond Housing Report – List Vs Sold October, 2010

November 9, 2010

Richmond Housing Report – List Vs Sold October, 2010

Source: RealtyLink Online

Housing Type Active Listings October Sales Av. 3 mth No. Months Average Price
Detached 510 133 122 5.26 $960,000
Townhouse 275 85 84 4.28 $490,000
Condominiums 715 133 136 5.92 $355,000

ri-apt1.gifRichmond’s total homes sale for October, 2010 totaled 351 units was just slightly higher than the previous month sale of 342 homes. The supply of detached homes, townhomes and condos/apartments continued to declined. The active listings count at 1,500 units as compared to the previous months total at 1,700 units was 12% lower.

The months of inventory for October at 4.39 months was a reversal in the trend of 5.30 months supply as registered in September. The supply and demand for homes appear to be stabilizing, and the market in balance with a slight edge in favour of home sellers.  House hunting activities picked up during the past 3 weeks, and sales could registered a significant jump for November, 2010 as compared to the previous 3 months.

The total number of condo listings in Richmond at around 715 units when compared to average sales around 136 units a month brought the MOI to 5.26% from 5.92% the previous month. This effectively helps to relieve the downward pricing pressure on condo prices.  Longer term, the supply of new and resale condos will determine whether condo prices will be maintained at current level.

The lingering issues with HST payable for new homes that are built in Richmond will affect how new home builders adapt to the market. Undoubtedly, builders will be reluctant to build new detached spec-homes for sale. They will be more willing to hold on to their inventory of old homes, and solicit for home buyers on a “build-to-suit” arrangement to minimize the impact of HST on the cost of their homes.

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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Greater Vancouver housing report – October, 2010

November 7, 2010

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

Home sales remain steady in Greater Vancouver

VANCOUVER, B.C. – November 2, 2010 – Greater Vancouver home sales have remained steady over the past four months, indicating stability in the residential housing market. With the MLS® sales to active listing inventory ratio indicating a buyers’ market, properties appropriately priced are selling.

According to the MLSLink® Housing Price Index (HPI), Read more