Richmond Housing Report – June, 2011

July 24, 2011

June Richmond Housing Report

Source: RealtyLink Online

Housing Type Active Listings Jun Sales Av. 3 mth No. Months Average Price
Detached 895 158 145 6.17 $1,118,000
Townhouse 498 86 99 5.03 $565,000
Condominiums 815 139 136 5.99 $362,000

Richmond detached homes
Richmond townhouses
Richmond condosRichmond’s total homes sale for June, 2011 totaled 383 units was slightly higher than the previous month sale of 373 homes. The supply of detached homes, townhomes and condos/apartments increased 3% from 2,150 units the previous month to 2,208 units.

The *months of inventory for June 2011 at 5.81 months was a further sign that the market was reaching a more balance market compared to the previous month figure at 4.63 months of supply and 3.87 months of inventory for April, 2011.   When the number of new townhouses and condos that are available for sale (not listed on the MLS System) through the developers directly are added, the supply of townhouses and condos would have resulted in over 6 months inventory. There are signs that more home sellers are cashing in to list and try to sell their homes at prevailing prices. The demand for older detached homes had slowed down significantly. But home detached prices are already 10% to 15% higher than what were selling at the end of 2010.

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 housing developments around the City.   Mortgage rates are still very low the market is not expecting any significant change in interest rates the next 3 months.  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 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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June Real Estate Report

July 23, 2011

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

Summer housing market trends toward balance after an active spring season

VANCOUVER, B.C. – July 5, 2011 –Home sellers outpaced buyers on Greater Vancouver’s Multiple Listings Service® (MLS®) in June, drawing the market back toward balance this summer.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties reached 3,262 in June, a 9.8 per cent increase compared to the 2,972 sales in June 2010 Read more