Richmond Housing Report – List Vs Sold November, 2010

December 22, 2010

Richmond Housing Report – List Vs Sold November, 2010

Source: RealtyLink Online

Housing Type Active Listings November Sales Av. 3 mth No. Months Average Price
Detached 415 160 134 3.10 $950,000
Townhouse 245 81 83 2.95 $495,000
Condominiums 615 150 144 4.27 $350,000

ri-apt1.gifRichmond’s total homes sale for November, 2010 totaled 391 units was  11% higher than the previous month sale of 351 homes. The supply of detached homes, townhomes and condos/apartments continued to declined. The active listings count at 1,275 units as compared to the previous months total at 1,500 units was 15% lower.

The *months of inventory for November 2010 at 3.53 months as compared to 4.39 months helped to tighten the supply of homes for sale.  This set the stage for home prices moving up and there were instances of multiple offers on homes being sold within days after posted on the mls system.  House hunting activities remained active and for the third month in a row surpassed sales the previous month.

The decline in the number of homes listed for sale was registered across the board for detached homes, townhomes and condos/apartments. The months of inventory for detached homes, townhomes and condos/apartments are at 3.10, 2.95 and 4.27 months respectively.  With fairly stable demand from home buyers and low mortgage rates, signs of home prices edging up are apparent.  Unless more homes are listed for sale in the coming weeks, demand from buyers will result in home prices being push higher.

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.

months of inventory is a ratio based on total supply against the average 3 months sale, and a ratio of 6 MOI is considered the “market in balance” .  A ratio over 6 will result in home prices under pressure to go lower and a ratio under 6 will result in home prices going up. 

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 – November, 2010

December 8, 2010

Real Estate Board of Greater Vancouver Housing Report, November 2010.MLS® stats show more sales, fewer property listings in November

VANCOUVER, B.C. – December 2, 2010 – Greater Vancouver residential home sales improved in November compared to the previous four months, with the number of sales posted on the Multiple Listing Service® (MLS®) coming in slightly higher than the 10-year average for that month.

The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totalled 2,509 in November 2010. Read more