Greater Vancouver Housing Report For August, 2011

September 26, 2011

Below is the housing sales report for August as reported by the Real Estate Board of Greater Vancouver on Sept 2, 2011.  Read the full report here.

Greater Vancouver home sales trend toward buyers’ market over summer

August marked the third consecutive month that home sale activity in Greater Vancouver was below the 10-year average for the month. In contrast, home listing activity in the region has exceeded the 10-year norm every month since the beginning of the year. BannerFans.com

The Real Estate Board of Greater Vancouver (REBGV) Read more

Richmond Housing Report - August

September 8, 2011

August Richmond Housing Report

Source: RealtyLink Online

Housing Type Active Listings Aug Sales Av. 3 mth No. Months Average Price
Detached 815 95 125 6.52 $1,113,000
Townhouse 495 69 81 6.11 $525,000
Condominiums 845 96 123 6.87 $350,000

Richmond detached homes
Richmond Townhomes
Richmond condosRichmond’s total homes sale for August, 2011 totaled 260 units was 25% lower than the previous month sale of 346 homes. The supply of detached homes, townhomes and condos/apartments at 2,155 units was about 5% lower than the previous month total of 2,255 units.

The *months of inventory for August 2011 at 6.57 months compared to the previous month of 6.14 months further confirmed that the market had now tipped 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 new developments are added, the supply of townhouses and condos would raise the inventory ratios much higher than the supply/demand ratios as shown above. There are many price reductions for homes that have been sitting on 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.

Detached homes sale had dropped for 5 consecutive months. The slowing down in sales activities could partly be due to seasonal factor, but home prices could have already peak. Homes are taking longer to sell. With the gradual build up in supply than lower demand the past 4 months, a moderate decline in home prices can be expected for the remaining months of 2011.

The average selling prices for August is the first month where there was a slight decline in detached homes prices. The dropped in average prices for townhomes (from $565,000 to $525,000) and condos (from $380,000 to $350,000) are more significant. Home buyers now have more choices and they are in no hurry to make their offers.

Current mortgage rates are still very low, and this will help to sustain the housing market. Mortgage rates are expected to remain low for some time, with possibility of rates easing a little towards the end of the year.

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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