Richmond Housing Report – February, 2011

March 20, 2011

Richmond Housing Report – February, 2011

Source: RealtyLink Online

Housing Type Active Listings February Sales Av. 3 mth No. Months Average Price
Detached 515 251 181 2.84 $1,180,000
Townhouse 240 100 82 2.93 $515,000
Condominiums 590 181 147 4.01 $352,000

ri-apt1.gifRichmond’s total homes sale for February, 2011 totaled 532 units was 48% higher than the previous month sale of 360 homes. The supply of detached homes, townhomes and condos/apartments increased 22% from 1,105 units the previous month to 1,345 units. The overall supply of homes is still low – at around 63%, as compared to the height of 2,130 homes in May, 2010.

The *months of inventory for February 2011 at 3.28 months was a slight improvement compared to 3.08 months of supply the previous month. The overall supply of homes in Richmond is still very low especially for detached homes and townhomes with under 3 months inventory.  A very strong market developed over the past 3 months for detached homes, especially older homes with lot sizes above 7,000 sq ft.  Multiple offers continued for detached homes bidding up selling prices for most newly listed homes tens of thousands dollar higher than their listing prices.

The market activities can be described as frantic and this could be the first time in history Richmond detached homes had such a huge demand from home buyers.  The average price for detached homes jumped from around $1,130,000 in January to $1,170,000 in February, 2010.

The very strong demand for both detached homes and towhomes in Richmond is expected carry over to the summer.  The slight increase in mortgage rates is not expected to dampen the market as rates are still very low to deter home buyers.  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 (MOI) is a ratio based on total supply against the average 3 months sale. A ratio of 6 MOI is considered a “market in balance” .  A ratio much higher than 6 will result in home prices under pressure to go lower and a ratio much under 6 will result in home prices under pressure to go 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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