Buying A Foreclosed Property In Richmond

December 11, 2013

The process: buying a foreclosed property in RichmondRichmond condos foreclosed
There is always great interest from Richmond home buyers and investors wanting to buy a property under foreclosure. Very often, the price of a foreclosed property can be substantially lower than it’s market price. Buying a foreclosure in Richmond BC is very similar to buying any other house, except it needs the court approval to complete the sale. Read more

Richmond Housing Report For November, 2013

December 7, 2013

Housing Report for Richmond, November 2013

Data Source: Real Estate Board of Greater Vancouver

Housing Type Active Listings November Sales Av. 3 mth No. Months Median Price
Detached 800 109 119 6.72 $990,000
Townhouse 365 75 72 5.01 $528,500
Condominiums 880 104 119 7.39 $344,900
Total Sales 2045 288 327 6.25 -

Richmond detached homesRichmond townhousesRichmond condosHome sales in Richmond for November, 2013 totaled 288 units were 11% lower than previous month’s sales of 324 homes. With mortgage rates expected to remain stable at current level, home buyers are in no hurry to commit making a buying decision. Total active listings at the end of November were 2,080 which was just 2% lower than the month before. When compared to active listings the same time last year, current active listings were 4% lower.View Richmond homes for sale here.

The supply of homes for sale in Richmond as measured by months of inventory (MOI) at 6.25% remained around the same level compared to the previous 5 months. The MOI for detached homes remained around the same level the month before. At a MOI of 6.72, home sellers are taking the cue from the market, maintaining their asking prices. The MOI for Richmond townhouses improved further for home seller when the MOI edged from 5.32 to 5.01. The MOI for condos deteriorated slightly, changing from 6.73 to 7.39 due to a slight increase in the number of active listings. The number of total active listings in Richmond at the end of November at around 2,045 units were just marginally lower than the active listings count of 2.080 the month before. Other than condos, detached homes and townhouses in Richmond are holding up well. Compared to a year ago, total Richmond home sales in November at 288 units were 39% higher than the 207 units posted a year ago.

Richmond housing market outlook

The tapering in home sales in Richmond can be expected the next 3 months 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 - 769 homes. 
  • 534 (69%) of these homes are over $1,000,000.
  • The average past 3 months sales for homes over $1.0 million was 51 homes
  • MOI for detached homes over $1,000,000 is 10.47 months of supply.
  • Total single family detached homes for sale over $1,500,000 - 320.
  • The average 3 months sales - 21 units with 15.24 months of supply. 

Although home sellers of million dollar homes are under pressure to drop their prices, many sellers are holding on to their asking prices hoping to cash out at prices they are expecting. Agents were lamenting that many of their offers were turned down due to sellers not prepared to meet buyers offers.  

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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