Richmond Housing Report For April, 2013

May 13, 2013

Housing Report for Richmond, April 2013

Data Source: Real Estate Board of Greater Vancouver

Housing Type Active Listings April Sales Av. 3 mth No. Months Median Price
Detached 1000 109 95 10.52 $948,000
Townhouse 415 93 72 5.76 $485,000
Condominiums 810 148 115 7.04 $338,900
Total Sales 2225 350 282 7.89 -

Richmond detached homesRichmond townhousesRichmond condos
Total home sales in Richmond for April, 2013 totaled 350 units were 25% higher than the 280 sales recorded a month ago. The spring season for 2013 so far, appeared to follow previous years in seeing a surge in housing activities. However, listing activities the past 3 months appeared to lack the surge as experienced the previous years. This could be due to home sellers holding off listing their homes, as the market was already flooded with homes for sale. View Richmond homes for sale here.

Total active listings in April at 2,225 units was just 3% higher than the previous month’s total listings of of 2,153 homes. The increased sales the past 3 months improved the average monthly sale figure from 221 in March to 282 in April. This helped to reduce the MOI (months-of-inventory) from 9.74 the previous month to 7.89 in April. Both the MOIs for townhouses and condos at 5.76 and 7.04 respectively helped to alleviate the selling pressure for townhomes and condos a little. Though the MOI for Richmond detached homes improved slightly, the high MOI will continue to exert pressure on home sellers to cut their prices in order to sell their homes.

Richmond real estate market outlook

Home sales in Richmond from February to April, 2013 totaled 849 homes were 10% lower than the 939 sales recorded in 2012. It was a whopping 44% lower than the same 3-month period in 2011. 

Richmond detached home prices are under pressure to decline further due to the high supply of homes and lower than expected demand from home buyers. 

Currently, there are 633 detached homes over $1,000,000 for sale in Richmond. With average monthly sales of 44 homes, the MOI at 14 months of supply is excessive. The situation for detached homes over $1.5 million is far worst. With 362 homes listed for sale and an average monthly sales of 18 homes, the MOI at 20 months of supply will exert huge selling pressure on home prices. Sellers who are motivated to sell, will continue to set new lows for detached home prices 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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