April housing market summary

May 15, 2011

Real Estate Board of Greater Vancouver’s April 2011 housing market showed a sales drop of  14 % to 7,187 units compared to April last year. However, year-over-year, the average MLS® residential price rose by 16 % to $598,308.

 B.C. home prices were skewed in areas like Vancouver and Richmond, where prices continued to skyrocket, impacting the average prices nationally. The sales of many multi-million dollar homes had resulted in the average prices being pushed pushing upward. This housing market has been sustained by a foreign investors and rich new immigrants from mainland China who continue to sink money into properties in the area.

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Richmond Housing Report - April, 2011

May 10, 2011

Richmond Housing Report - April, 2011

Source: RealtyLink Online

Housing Type Active Listings April Sales Av. 3 mth No. Months Average Price
Detached 890 143 218 4.08 $1,050,000
Townhouse 370 108 108 3.42 $530,000
Condominiums 740 134 182 4.06 $360,000

richmond detached homes
Richmond townhouse
Richmond condosRichmond’s total homes sale for April, 2011 totaled 385 units was 40% lower than the previous month sale of 634 homes. The supply of detached homes, townhomes and condos/apartments increased 8% from 1,585 units the previous month to 1,705 units.

The *months of inventory for April 2011 at 3.87 months was an improvement compared with the previous month of 3.11 months of supply.  If supply and sale are maintained at the same pace like April, pricing pressure to the up-side is reduced considerably.  More home sellers are cashing in to list and try to catch the high prices and strong demand the past 4 months.  The lower sales for April could be accounted for by many home buyers rushing to buy in March before the 35 years amortization was disallowed effective April, 2011.  The demand for older detached homes had slowed down somewhat, but this could also be due to home prices were already 10% to 15% higher than 3 months ago.

The slowing down in sales activities is noticeable, and a moderation in price can be expected. There are now more resale home listings competing for buyers with presale new condos from new multi-family developments around the City.   Mortgage rates are relatively stable, and the market is not expecting a significant change 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 begin_of_the_skype_highlighting              604-721-4817 begin_of_the_skype_highlighting              604-721-4817      end_of_the_skype_highlighting      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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April Housing Market - Typical Spring Activity

May 4, 2011

Below is the Greater Vancouver April housing report by the Real Estate Board of Greater Vancouver:

VANCOUVER, B.C. – May 3, 2011

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