Richmond Housing Report For March, 2014

April 15, 2014

Housing Report for Richmond, March 2014

Data Source: Real Estate Board of Greater Vancouver

Housing Type Active Listings March Sales Av. 3 mth No. Months Median Price
Detached 795 135 131 6.07 $956,500
Townhouse 395 75 72 5.49 $518,000
Condominiums 900 119 108 8.33 $329,000
Total Sales 1950 339 284 6.87

ri-det1.gifRichmond townhousesRichmond condos

Total home sales in Richmond for March, 2014 totaled 329 units were at around the sale level the month before. In spite better weather conditions, the high expectation of better March sales was a disappointment to many people in the real estate industry. There was a net increase of 140 more homes compared to the month before, pushing active listings slightly higher from 1,950 to 2,090 units. The active listings for the month was 3% lower than a year ago’s figure of 2,153 homes. View Richmond homes for sale here.

The months of inventory (MOI) for the 3 housing types in Richmond improved slightly. The March MOI at 6.74 was a slight improvement compared to 6.87 in February. While the detached homes market appeared to favour homes under $1,000,000, the market for townhouses fares much better compared with MOI of 5.49. The market for condos in Richmond is deteriorating – the MOI worsen from 7.67 to 8.33.

Richmond housing market outlook

The supply and demand as witnessed the past 2 months is pointing to a moderate housing market for 2014. The next 3 months being the peak season for housing activities, motivated sellers are expected to adjust their prices to sell their properties. Homes that are priced realistically and in good conditions are expected to be sold readily.

 Detached homes in Richmond under $1,000,000 are in  demand – MOI of 3.77 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 for sale – 799 homes, averaging 134 sales a month – around 6.0 MOI.
  • 241 (30%) of these homes are under $1,000,000, at a sale pace of 64 a month – 3.77 MOI.
  • 559 (70%) of these homes are over $1,000,000, with average sales of 70 homes a month – 7.98 MOI.
  • Detached homes for sale over $1,500,000 is 329, with average sales of 26 homes a month – 12.65 MOI.

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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