Richmond Housing Report For October, 2013

November 17, 2013

Housing Report for Richmond, October 2013

Data Source: Real Estate Board of Greater Vancouver

Housing Type Active Listings October Sales Av. 3 mth No. Months Median Price
Detached 850 120 127 6.69 $1,059,000
Townhouse 415 72 78 5.32 $524,000
Condominiums 815 132 121 6.73 $348,000
Total Sales 2080 324 327 6.36

Home sales in Richmond for October, 2013 totaled 324 units were 2% higher than September’s sales of 318 homes. With mortgage rates expected to remain stable at current level, home buyers are in no hurry to commit buying for now. Total active listings at the end of October was 2,080 which was 7% lower than the month before. When compared to active listings the same time last year, current active listings were 13% lower. View Richmond homes for sale here.

The supply of homes for sale in Richmond as measured by months of inventory (MOI) remained unchanged at 6.36 months, compared to the previous month. The reduction in the number of active listings for detached homes helped to improve the MOI slightly from 7.24 to 6.69 months of supply. The MOI for Richmond townhouses and condos remained stable. Both were at around the same levels compared to the month before. The reduction in the number of total active listings in Richmond was due to reduced number of new listings posted for the month, moderate sales, expiry and cancellation of some listings in October

At current level of supply and demand, the townhouse and condo segments in Richmond are stable and in balance. Though the MOI for detached homes is in favour of buyers, no drastic price cuts were apparent as home sellers managed to hold on to their prices.

Richmond housing market outlook

The tapering in home sales in Richmond the next 3 months can be expected due to seasonally lower home buying activities. Well priced properties were selling reasonably well. From conversations with other realtors, many sellers were reported to have turned down low-ball offers.

The current statistics for Richmond detached homes are:

  • Single family detached homes listed for sale – 842 homes. 
  • 567 (67%) of these homes are over $1,000,000.
  • The average past 3 months sales for homes over $1.0 million was 57 homes
  • MOI for detached homes over $1,000,000 is 9.9 months of supply.
  • Total single family detached homes for sale over $1,500,000 – 338.
  • The average 3 months sales – 24 units with 14 months of supply. 

Although the MOIs for million dollar homes as shown above are relatively high, the selling prices for these homes appeared to have stabilized. 

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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