Richmond Housing Report For May, 2014

June 17, 2014

Housing Report for Richmond, May 2014

Data Source: Real Estate Board of Greater Vancouver

Housing Type Active Listings May Sales Av. 3 mth No. Months Median Price
Detached 825 160 141 5.85 $970,000
Townhouse 445 96 87 5.11 $539,900
Condominiums 1050 148 128 8.20 $390,000
Total Sales 2320 404 356 6.52

Richmond detachedRichmond townhomes Richmond condosHome sales in Richmond for May, 2014 totaled 404 units were about 21% higher than home sales recorded a month ago, and 8% higher than a year ago. The increase in sales as expected, was at a pace that keep the market moderately active. The increase in listings to 2,320 units was a 5% gain compared to the previous month and 4% higher than a year ago. View Richmond homes for sale here.

The months of inventory (MOI) for the 3 housing types in Richmond were at about the sale levels as the month before. The overall May MOI at 6.52 was a slight improvement compared to 6.82 in April. Detached homes in Richmond under $1,000,000 fared very well with just 3.1 months supply of homes.

The market for condos in Richmond is under pressure with MOI for condos at the end of May at 8.2 months of supply. Condo sellers who are motivated to sell will have to price their homes well to attract home buyers.

Richmond housing market outlook

Other than the condo market which is experiencing more homes competing for buyers, the supply and demand for townhouses in Richmond is healthy, holding at 5.11 months of supply. The demand for detached homes over $1.5 million is weak with MOI showing 15.6 months of supply. Many of these home sellers are holding on to their prices, while not many buyers are in a hurry to buy.

Detached homes in Richmond under $1,000,000 are selling well. There are good demand by new home builders for older homes with lot sizes over 8,000 sq ft especially when such homes are priced under $1,200,000. 

The current statistics for Richmond detached homes are:

  • Single family detached homes for sale – 884 homes, averaging 145 sales a month – around 6.1 months of supply.
  • 241 (27%) of these homes are under $1,000,000, selling around 79 homes a month – 3.1 months of supply.
  • 272 (31%) homes are between $1.o to $1.5 million, with average sales of 43 homes a month – 6.3 months of supply.
  • 375 (42%) homes are over $1,500,000 with average sales of 24 homes a month – 15.6 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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