Richmond Housing Report For April, 2012

May 21, 2012

Richmond real estate report – April, 2012

Source: RealtyLink Online

Housing Type Active Listings Mar Sales Av. 3 mth No. Months Average Price
Detached 1055 114 110 9.59 $1,100,000
Townhouse 480 71 79 6.08 $515,000
Condominiums 990 121 121 8.18 $351,000

ri-det1.gifri-att1.gifri-apt1.gifri-apt1.gifRichmond’s total home sales for April, 2012 at 306 units was around the same level as the previous month sales of 309 homes. The total number of detached homes, townhomes and condos/apartments listed for sale at the end of the month at 2,525 units was 13% higher than the previous month’s total of 2,330.  The listings for the 3 types of homes increased further for the month. View Richmond condos for sale here.

The supply of homes in Richmond at the end of April at 8.39 months increased slightly compared to the previous months figure at 8.07 months of inventory.  The supply of detached homes, townhomes and condos increased further in the month as more listings were put on the market. Overall, the housing market in Richmond is in slightly in favour of BUYERS, and home buyers have a lot more homes to shop around compared to the same time last year. Some price reduction and discounting are common the past few weeks as more home sellers are motivated to sell.

Richmond real estate market outlook

Both the condo and townhouse markets are facing some challenges as resale and new homes have to compete for buyers. Detached homes over $900,000 were found to be selling slowly. Homes over $1,300,000 faced a much bigger challenge to attract buyers. Price erosion is evident as the market cooled off significantly.

Although the sales of Richmond detached homes under $900,000 are seeing more activities, sellers have to resort to more discounting to sell. Homes over $1,200,000 in Richmond took the longest to sell as reflected in active listings of 556 homes with an average monthly sale of 35 homes. This represents around 15.9 months of supply for this market segment.

Low mortgage rates to continue 

The encouraging news for the market is that 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 help to 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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