Richmond Housing Report – March, 2012

April 20, 2012

Richmond real estate report for March, 2012

Source: RealtyLink Online

Housing Type Active Listings Mar Sales Av. 3 mth No. Months Average Price
Detached 995 104 104 9.57 $1,180,000
Townhouse 415 87 73 5.68 $550,000
Condominiums 920 118 105 8.76 $365,000

Richmond detached homesRichmond townhousesRichmond condos
Richmond’s total homes sale for March, 2012 at 309 units was 5% lower than the previous month total units sale at 324. The total number of detached homes, townhomes and condos/apartments listed for sale at the end of the month at 2,330 units was 11% higher than the previous month’s total of 2,100.  The listings for the 3 types of homes increased, while sales decreased by 5%. View Richmond condos for sale here.

The supply of homes in Richmond at the end of March at 8.24 months showed a slight decrease compared with the previous months figure at 8.82 months of inventory.  The supply of detached homes, townhomes and condos increased further as more listings were put on the market. 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. Although homes are taking longer to sell, the pricing pressure is not that great  to cause home sellers cutting their prices drastically.

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. A slight erosion in condo prices can be expected due to some sellers discounting more to sell their condos.

The market and sales of detached homes favoured the lower priced homes under $900,000. As of April 19, 2012 this segment of the market showed a healthy balance of 5.4 months of inventory. For homes between $900,000 and $1,200,000, the average sale was 27 homes for a supply/demand ratio of 10.9 months of inventory. Homes over $1,200,000 took the longest to sell as reflected in active listings of 516 homes with an average monthly sale of 34 homes. This represents around 15.2 months of supply for this market segment.

Low mortgage rates to continue 

The current ultra low mortgage rates are not expected to be raised for sometime. The extremely attractive low rates at under 3.75 for 5-year fixed rate mortgage by Canadian banks and credit union will encourage 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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