Richmond Housing Report – July, 2011

August 15, 2011

July Richmond Housing Report

Source: RealtyLink Online

Housing Type Active Listings Jul Sales Av. 3 mth No. Months Average Price
Detached 900 123 139 6.47 $1,117,000
Townhouse 485 88 91 5.32 $568,000
Condominiums 870 135 136 6.40 $375,000

Richmond detached houses
ri-apt1.gifRichmond’s total homes sale for July, 2011 totaled 346 units was 10% lower than the previous month sale of 383 homes. The supply of detached homes, townhomes and condos/apartments increased 2% from 2,208 units the previous month to 2,255 units.

The *months of inventory for July 2011 at 6.14 months compared to the previous month of 5.81 months was a further sign that the market was tipping over in favour of home buyers. 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 further raise the inventory ratio. There are many price reductions for homes that have been sittin gon the market and not selling. Home prices are reported to be selling at 3% to 5% lower than the peak period in early part of 2011.

The slowing down in sales activities is noticeable, and a moderation decline in home prices 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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Greater Vancouver Housing Report – July, 2011

August 15, 2011

Below is a report by the Real Estate Board or Greater Vancouver date Wednesday, August 3, 2011. Read the full report here.

Active home sellers bring greater selection to the Greater Vancouver housing market

While the balance between home buyer and seller activity remains in an equilibrium range in the Greater Vancouver housing market, last month’s home sale total was below the 10-year average for July.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, Read more