Richmond August, 2013 Housing Report

September 23, 2013

Housing Report for Richmond, August 2013

Data Source: Real Estate Board of Greater Vancouver

Housing Type Active Listings August Sales Av. 3 mth No. Months Median Price
Detached 980 136 132 7.42 $960,000
Townhouse 420 94 87 4.83 $5202,000
Condominiums 803 109 131 6.13 $343,000
Total Sales 2203 339 350 6.29

Richmond detached homesRichmond townhousesRichmond condos
Home sales in Richmond for August, 2013 totaled 339 homes were 16% lower than the 405 sales recorded the month before in July. Moving forward, home sales for the remaining months of 2013 are expected to decline further. Following the seasonal trend of past years’ home sale activities, an up stick in Richmond home sales is likely to happen after January of 2014. Total listings at the end of August were unchanged compared to the previous month. View Richmond homes for sale here.

There was a small increase in the MOI at the end of August, registering a 6.29 months of supply compared to the previous month of 6.20. The MOI for detached homes and condos edged up slightly, while the MOI for townhouses remained unchanged. New listings were posted at a moderate pace, at at a rate slightly lower than the combined number of home sales and expiry.

The stand off between buyers and sellers continued with home buyers and sellers holding firm on their prices.

Richmond housing market outlook

Home sales in Richmond can be expected to taper off the next 5 months during the fall and winter months. With home buyers’ mortgage rates hold expiring, a significant fall off in home sales can be expected in the coming months.

The statistics for Richmond detached homes are:

  • 955 single family detached homes are listed for sale
  • 640 (67%) of these homes are over $1,000,000
  • the average 3 months sale was 58 homes, MOI – 11.00 months of supply
  • 369 single family detached homes are over $1,500,000
  • average 3 months sale was 24, MOI – 15 months of supply 

Although home sellers have adjusted their prices to sell their homes, many buyers are still holding out, waiting for home prices to drop further. 

Detached homes in Richmond listed over $1.5 million are expected to continue experiencing low demand.

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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