Richmond Housing Report – December, 2010

January 27, 2011

Richmond Housing Report – December, 2010

Source: RealtyLink Online

Housing Type Active Listings December Sales Av. 3 mth No. Months Average Price
Detached 325 130 141 2.50 $1,145,000
Townhouse 175 72 79 2.21 $530,000
Condominiums 515 136 140 3.68 $355,000

ri-apt1.gifRichmond’s total homes sale for December, 2010 totaled 338 units was  14% lower than the previous month sale of 391 homes. The supply of detached homes, townhomes and condos/apartments continued to declined. The active listings count at 1,015 units was 20% lower than the previous months total at 1,275 units – a 7 months continuous decline from May, 2010.

The *months of inventory for December 2010 at 2.82 months as compared to 3.53 the previous month helped to tighten the supply of homes and significantly pushed prices up for detached and townhomes.  Multiple offers on detached homes were common, especially older homes that were priced within the $700,000 to $1,000,000 range.

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 at 2.50, 2.21 and 3.68 months respectively set the tune for home prices moving up.  With fairly stronge demand from home buyers and low mortgage rates, the housinng market in Richmond is expected to remain bullish.  Unless more homes are listed for sale in the coming months, the upward trend for home prices is expected to be maintained.

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 – December, 2010

January 6, 2011

Real Estate Board of Greater Vancouver Housing Report, December 2010

Real estate market stable at year-end

The Greater Vancouver residential housing market entered three distinctive phases in 2010. Continued buoyancy from the post-recession recovery began the year, followed by a summer lull and, throughout the fall, a sustained period of stability.

The Real Estate Board of Greater Vancouver (REBGV) reports that total sales of detached, attached and apartment properties in 2010 reached 30,595, a 14.2 per cent decrease from the 35,669 sales recorded in 2009, Read more