Richmond Housing Report For June, 2014

July 19, 2014

Housing Report for Richmond, June 2014

Data Source: Real Estate Board of Greater Vancouver

Housing Type Active Listings June Sales Av. 3 mth No. Months Median Price
Detached 870 166 151 5.76 $1,027,000
Townhouse 443 113 99 4.47 $538,000
Condominiums 1052 141 135 7.79 $372,000
Total Sales 2365 420 386 6.11

Richmond detached homesRichmond townhouses Richmond condos

Home sales in Richmond for June, 2014 totaled 420 units were higher by 4% compared to the previous month’s sales of 404 homes, and 36% jump from the 308 homes sold a year ago. The increase in sales was moderately matching closely the increase in active listings. Total active listings for Richmond at the end of June at 2,365 units was just 2% higher than 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 improved slightly from 6.52 to 6.13 months of supply. 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 continued to experience pricing pressure with MOI of 7.79 months of supply at the end of June. When the non-listed inventory of new presale condos are factored into total condos available for sale, resale condo sellers have to compete for buyers.

Richmond housing market outlook

Other than the condo market which is under pressure to compete for buyers, the supply and demand for townhouses in Richmond is healthy and townhome sellers enjoy less competition when the market has just 4.47 months of supply. The demand for detached homes over $1.5 million is weak with MOI showing 15.4 months of supply.

The most active market for detached homes in Richmond are homes under $800,000 and older homes with large lots over 7,500 sq ft. These homes with large lots are bought by new home builders and investors who are prepared to hold the homes as rental properties.  

The current statistics for Richmond detached homes are:

  • Single family detached homes for sale – 913 homes, averaging 148 sales a month – around 6.2 months of supply.
  • 243 (27%) of these homes are under $1,000,000, selling around 78 homes a month – 3.1 months of supply.
  • 290 (32%) homes are between $1.0 to $1.5 million, with average sales of 46 homes a month – 6.3 months of supply.
  • 384 (42%) homes are over $1,500,000 with average sales of 25 homes a month – 15.4 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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