Richmond Housing Report For July, 2013

August 25, 2013

Housing Report for Richmond, July 2013

Data Source: Real Estate Board of Greater Vancouver

Housing Type Active Listings July Sales Av. 3 mth No. Months Median Price
Detached 1005 145 139 7.23 $935,000
Townhouse 435 94 90 4.83 $492,000
Condominiums 805 165 143 5.62 $320,500
Total Sales 2245 405 362 6.20

Richmond detached homesRichmond townhousesRichmond condosTotal home sales in Richmond for July, 2013 totaled 405 units were 31% higher than the 308 sales recorded in June. The first 7 months home sales in Richmond for 2013 at 2,102 units was 11% higher than the total first 7 months sales for 2012.

Listing activities the past 3 months were significantly lower than the previous years. The total active listings in July was 20% lower than in July, 2012. View Richmond homes for sale here.

Total active listings in July at 2,245 homes were just 1% lower than the previous month’s total listings of 2,265 homes. The increased sales the past 3 months improved the average monthly sale figure from 344 in June to 362 in July. This helped to reduce the MOI (months-of-inventory) slightly from 6.58 the previous month to 6.20 in July. The MOI for detached homes in Richmond at 7.23 is a vast improvement compared to the highest supply at 14.23 months in February 2013.

Richmond housing market outlook

The traditional prime buying season is almost behind us as we move closer to the fall and winter seasons. Seasonally, home sales taper off in the fall and in winter, sales volume can be expected to drop significantly. Some critics attributed the recent surge in sales as a result of home buyers deciding to buy now to take advantage of the lower rates mortgages they were approved earlier.

Currently, there are 985 detached homes listed for sale in Richmond, 645 (65%) of these homes are over $1,000,000. The pace at which million dollar homes are selling in Richmond is 55 homes a month, resulting in a relatively high MOI of 11.73 months of supply.

Although home sellers have adjusted their prices to sell their homes, many buyers are still holding out, or waiting for home prices to come down more. 

There are 367 detached homes over $1.5 million, and with average past 3 months sale of 25 homes, the MOI is at 14.68 months of supply. The overall housing market in Richmond is more stable now compared with 6 months ago. The high end market for homes over $1.5 million is expected to continue experiencing low demand. And, in the resale and new condos market, home sellers and new home developers have to compete aggressively for home buyers.

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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