Richmond Housing Report – March, 2011

April 18, 2011

March 20, 2011

Richmond Housing Report – March, 2011

Source: RealtyLink Online

Housing Type Active Listings March Sales Av. 3 mth No. Months Average Price
Detached 705 262 225 3.13 $1,150,000
Townhouse 275 142 105 2.62 $535,000
Condominiums 605 230 178 3.40 $375,000

Richmond detached homes
Richmond townhomes
Richmond condosRichmond’s total homes sale for March, 2011 totaled 634 units was 18% higher than the previous month sale of 536 homes. The supply of detached homes, townhomes and condos/apartments increased 18% from 1,345 units the previous month to 1,585 units. The overall supply of homes was at around 74% recorded during the height in May, 2010 which posted a total of 2,130 homes.

The *months of inventory for March 2011 at 3.11 months was aaround the same level as in the previous month of 3.28.  The overall supply of homes in Richmond is still very low especially for townhomes with under 3 months inventory.  Market activities have moderated some what as more supply of homes helps to ease the tight supply as experienced the past 3 months.  The demand for older detached homes is still relatively strong, but generally detached home prices are now priced 10% to 15% higher than 3 months ago.

There is a slowing down in the rush for homes. There are now more resale home listings and several new projects are releasing presale homes to meet the demand in the market.Mortgage rates is relatively stable, and the market is not expecting a significant jump in interest rate which could dampen the market.  While market activities are expected to remain strong, home prices are expected to remain stable for now.  For home sellers, this could be a good time to sell their homes while the market is favorable.

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 begin_of_the_skype_highlighting              604-721-4817      end_of_the_skype_highlighting 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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