Richmond Housing Report For October, 2014

December 14, 2014

Housing Report for Richmond, October 2014

Data Source: Real Estate Board of Greater Vancouver

Housing Type Active Listings October Sales Av. 3 mth No. Months Median Price
Detached 710 165 149 4.74 $1,095,000
Townhouse 355 99 107 3.31 $545,000
Condominiums 1005 139 126 7.98 $345,000
Total Sales 2070 403 384 5.39

Richmond detached homesRichmond townhousesRichmond condos

Home sales in Richmond for October, 2014 totaled 403 units were 5% higher than the previous month’s sales of 385 homes, and 17% higher than the 324 homes sold a year ago. With the weather getting cold and wet, the next 3 months sales is expected to trend lower. Total active listings for the month was lower by 9.5% from 2,285 to 2070 listings. View Richmond homes for sale here.

The supply and demand for homes in Richmond as measured by the months of inventory (MOI) tightened to 5.39 from 5.89 a month ago. The supply of townhouses continued to tightened. Townhouses that are priced accordingly were selling quickly.

Detached homes in Richmond under $1,000,000 continued to enjoyed good demand from home buyers. The resale condo market in Richmond remained under pressure with high inventory and moderate demand. The MOI for resale condos in Richmond was close to 8 months supply.

Richmond housing market outlook

The overall housing market outlook in Richmond is healthy with shortage of townhouses. The resale condo market will continue to experience pricing pressure due to elevated supply of resale condos, and over-hang of new presale condos in the area. For single family detached homes, the market has limited supply for homes under $1,000,000. Home buyers have limited inventory to work with as the supply is very tight – just 2.6 months of inventory.

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 investors as holding properties, or new home builders who are keeping inventories of building lots to hold or to build new homes on the lots.  

The current statistics for Richmond detached homes are:

  • Single family detached homes for sale – 667 homes, averaging 147 sales a month – around 4.5 months of supply.
  • 162 (24%) of these homes are under $1,000,000, selling around 62 homes a month – 2.6 months of supply.
  • 210 (31%) homes are between $1.0 to $1.5 million, with average sales of 49 homes a month – 4.2 months of supply.
  • 298 (44%) homes are over $1,500,000 with average sales of 38 homes a month – 7.9 months of supply.
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    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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