Challenges Faced By Richmond Home Sellers

April 28, 2013

2013 will be a challenging year for home sellers

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Richmond Housing Report For March, 2013

April 16, 2013

Housing Report for Richmond, March 2013

Data Source: Real Estate Board of Greater Vancouver

Housing Type Active Listings March Sales Av. 3 mth No. Months Median Price
Detached 928 89 80 11.60 $900,000
Townhouse 415 74 56 7.41 $481,000
Condominiums 810 117 85 9.52 $350000
Total Sales 2153 280 221 9.74 -

Richmond detachedRichmond townhouseRichmond condos apartments

Richmond Home sales for March, 2013 at 280 units were 28% higher than the previous month sales of 219 homes. The much better sale performance was expected as seasonally the spring market upswing began in March. It came as a surprise that the total active listings in March, 2013 was about the same number of homes for sale in February. The overall months-of-inventory (MOI) at 9.74 was a marked improvement compared to 12.27 months in February. The drop in MOI was due to the improvement in the average 3-month sales for detached homes, townhouses and condos. View Richmond homes for sale here.

Richmond real estate market outlook

The Months-of-inventory (MOI) in Richmond at 9.74 continues to favor buyers. 

Overall, the market sentiment is subdued, while home prices are expected to continue drifting lower due to the lack of buying interest. 

 

Home sellers can take consolation that the pace at which new listings coming into the market in the first quarter of 2013 was more tempered than the same period for 2012. The current negative market sentiment will dampen buying interest, while the over supply of homes will drive home prices lower. 

Richmond detached homes are expected to continue languishing due to the lack of buying interest.

 

There are currently 608 detached homes for sale in Richmond at prices above $1,000,000. With average past 3 months sale around 31 homes, the MOI is at 19.6 months. And for homes above $1,500,000, there are 350 homes available for sale. At an average past 3-month sale of 11 homes a month, there are 31.8 months of supply for homes over $1,500,000.  

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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