Richmond Housing Report For September, 2014

October 24, 2014

Housing Report for Richmond, September 2014

Data Source: Real Estate Board of Greater Vancouver

Housing Type Active Listings September Sales Av. 3 mth No. Months Median Price
Detached 805 152 147 5.47 $1,070,000
Townhouse 395 114 107 3.69 $555,000
Condominiums 1085 119 130 8.38 $365,000
Total Sales 2285 385 382 5.98

Richmond detached Richmond TownouseRichmond condoHome sales in Richmond for September, 2014 totaled 385 units were 6% higher than the previous month’s sales of 364 homes, but 21% higher than the 318 homes sold a year ago. The next 3 months sales is expected to trend lower during the autumn and winter months. Total active listings for the month increased 2% from 2,235 to 2285 listings. View Richmond homes for sale here.

The months of inventory (MOI) for the 3 housing types in Richmond went up slightly from 5.64 to 5.89 months of supply. Overall, the townhouses at MOI of 3.69 remained relatively tight in supply, while detached homes in Richmond under $1,000,000 continued to enjoyed good demand from home buyers. The resale condo market in Richmond worsen further from MOI of 7.33 8.38. Condo sellers continued to experience pricing pressure due to fairly high inventory. New condos are competing for buyers resulting in resale condos having to price their homes sharply to attract buyers.

Richmond housing market outlook

Other than condos being under pressure to compete for buyers, the supply and demand for townhouses in Richmond are healthy as the supply and demand at 3.69 MOI leaves little choices and selections for townhome buyers. Generally, detached homes MOI in Richmond at 5.1 is a vast improvement compared to the beginning of the year at 6.97. Richmond detached homes under $1,000,000 at MOI of 2.88 is consider bullish for home sellers.

Older homes with large lots over 7,500 sq ft in the westside of Richmond continued to enjoy good buying support from new home builders and investors. These homes with large lots are bought by new home builders to be turned into new houses. Some investors are buying these homes as rental properties.  

The current statistics for Richmond detached homes are:

  • Single family detached homes for sale – 752 homes, averaging 148 sales a month – around 5.1 months of supply.
  • 193 (26%) of these homes are under $1,000,000, selling around 67 homes a month – 2.88 months of supply.
  • 228 (30%) homes are between $1.0 to $1.5 million, with average sales of 47 homes a month – 4.85 months of supply.
  • 334 (44%) homes are over $1,500,000 with average sales of 35 homes a month – 9.54 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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