Richmond Housing Report For February, 2014

March 18, 2014

Housing Report for Richmond, February 2014

Data Source: Real Estate Board of Greater Vancouver

Housing Type Active Listings February Sales Av. 3 mth No. Months Median Price
Detached 790 144 116 6.82 $988,000
Townhouse 355 79 63 5.63 $548,000
Condominiums 805 116 105 7.67 $349,000
Total Sales 1950 339 284 6.87 -

Home sales in Richmond for February, 2014 totaled 339 units were significant higher by 28% compared to the 264 homes sold the month before. The better weather conditions and the market entering the spring season brought with it markedly improved buying activities. There was a net increase of 90 more homes in the month, pushing active listings slightly higher from 1,860 to 1,950 units. Compared to a year ago’s listings of 2,135 homes, the active listings for Richmond at the end of February were in the first month of 2014, were 9% lower. View Richmond homes for sale here.

The months of inventory (MOI) for the 3 housing types did not change much, with total MOI at 5.87 compared to a month ago at 6.97. At current supply, Richmond’s market condition for townhouses at MOI of 5.63 is positive for home sellers. The condo sector is under selling pressure when the supply of condos is at 7.67. More home sellers in Richmond are expected to list their homes for sale in the coming weeks.

The moderate build up in new listings and slight improvement in sales for February helped to moderate the market. The pace for new deals the past 2 weeks appeared to have slow down. The sales and listings data when compiled at the end of this month will give a better indication how 2014 will turn out. Richmond housing market outlookThe spring season is expected to experience better sales activities for March and April. Homes that are priced realistically and in good conditions are expected to be sold readily.

Detached homes in Richmond under $1,000,000 are enjoying reasonably good demand - MOI of 4.68 months. Older homes with good lots over 8,000 sq ft are in good demand as these homes are bought for future gains in property values, and home builders are actively looking for such properties. 

The current statistics for Richmond detached homes are:

  • Single family detached homes listed for sale - 782 homes.
  • 234 (30%) of these homes are under $1,000,000
  • 549 (70%) of these homes are over $1,000,000.
  • With average sales of 50 homes a month, the MOI for homes below $1,000,000 is 4.68.
  • The average past 3 months sales for homes over $1.0 million was 56 homes.
  • MOI for detached homes over $1,000,000 is 8.07 months of supply.
  • Total single family detached homes for sale over $1,500,000 - 317 homes
  • The average 3 months sales - 27 units with 11.74 months of supply.

For more information on Richmond real estate, you are welcome to contact James Wong at 604-721-4817 or email James.

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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