Richmond Housing Report For June, 2013

July 23, 2013

Housing Report for Richmond, June 2013

Data Source: Real Estate Board of Greater Vancouver

Housing Type Active Listings June Sales Av. 3 mth No. Months Median Price
Detached 1005 115 117 8.59 $930,000
Townhouse 435 72 90 4.83 $533,000
Condominiums 835 121 137 6.09 $335,000
Total Sales 2265 308 344 6.58

Richmond detached homesRichmond townhousesRichmond condos
Total home sales in Richmond for June, 2013 totaled 308 units were 13% lower than the 375 sales recorded a month ago. The first 6 months Richmond home sales for 2013 was just 2% lower than the total first 6 months sales for 2012.

Listing activities the past 3 months were tempered compared to previous years. It is obvious that many home sellers are holding off listing their homes. View Richmond homes for sale here.

Total active listings in April at 2,265 units was just 2% higher than the previous month’s total listings of of 2,230 homes. The increased sales the past 3 months improved the average monthly sale figure from 335 in May to 344 in June. This helped to reduce the MOI (months-of-inventory) slightly from 6.66 the previous month to 6.58 in June. The MOI for detached homes in Richmond though improved dramatically over the past 3 months, it is still high at 8.59 months of supply.

Richmond housing market outlook

The traditional prime selling season is now behind us. The second half of each year is expected to wind down in sales activities. But, the fairly active showing activities in the market could turn up posting some decent sales figures the next 3 months.

Currently, out of a total of 1,019 detached homes listed for sale in Richmond, there are 660 detached homes over $1,000,000 for sale in Richmond. With average monthly sales of 55 homes, the MOI for million dollar homes in Richmond at 12 months of supply is excessive.

 Detached home sellers who want to sell have to drop their price significantly to attract buyers in order to sell their homes.

There are 374 detached homes over $1.5 million, and with average past 3 months sale of 24 homes, the supply 15.6 months. Home 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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The Million Dollar Question

July 17, 2013

How much lower?

So far, after 2 years of lackluster demand, Richmond detached home prices remained at lofty level. The drop in median price in Richmond according to data from the real estate board of Greater Vancouver registered a mere 5% decline. But, in Seafair neighborhood, older homes with lot sizes between 7,000 to 8,000 sq ft had dropped in price from $1.0 million in 2011 to the current level around $850,000 – a drop of 15%. Some recent sales showed that sellers were taking offers below $800,000. Read more