Richmond real estate report – February, 2012

March 14, 2012

Richmond real estate > February, 2012 home sales

Source: RealtyLink Online

Housing Type Active Listings Feb Sales Av. 3 mth No. Months Average Price
Detached 880 119 90 9.78 $1,130,000
Townhouse 400 80 58 6.90 $530,000
Condominiums 820 125 91 9.01 $360,000

Richmond detached homesRichmond townhomes saleRichmond condos sales
Richmond’s total homes sale for February, 2012 at 324 units was 52% higher than the previous month total units sale at 213. The total number of detached homes, townhomes and condos/apartments listed for sale at the end of the month at 2,100 units was about 6% higher than the previous month’s total of 1,980.  Except for condo listings which had a larger increase, the addition of detached homes was slight and for townhouses, the increase in new listings was negligible. View Richmond condos for sale here.

The supply of homes in Richmond at the end of February at 8.82 months did not change much from the previous months figure at 8.96 months of inventory.  The supply of detached homes, townhomes and condos were at around the same levels as for January, 2012. Overall, the housing market in Richmond is in slightly in favour of BUYERS, as there are a good number of homes available for buyers to choose. The next 2 months supply of new listings and sales will set the pace as how the real estate market will fare in Richmond during the second half of 2012. Although homes are taking longer to sell, the pricing pressure is not that great as to cause home sellers to cut their prices drastically.

Home sellers who were more aggressive in reducing their selling prices had better success in selling their homes. With more selection of home, this could be a good time for home buyers to get into the market as there are more choices and prices are already some 5% to 7% lower compared to the peak prices some 7 months ago.

Richmond real estate market outlook

The condo market will be the most challenging for resale condo sellers and new housing developers. Resale condos have to compete with many of the new developments and new condos available for sale in the market. There are increasingly more new developments offering discounts, incentives and some developers are absorbing the HST to sell their inventory of homes.

The provincial budget last month offering $10,000 credit for first time home buyers new home purchases is the most encouraging news for the housing market. Together with ultra low interest rates, the introduction of this tax credit will help to lift the market activities in general.

Low mortgage rates to continue 

The current ultra low mortgage rates are not expected to be raised for sometime. The extremely attractive low 2.99% 5-year fixed rate mortgage by Bank of Montreal , and 2.99% for 4-year fixed rate mortgage by other financial institution are expected to motivate more buyers to make their purchases.

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 James Wong at 604-721-4817 or send James an email.

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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