Richmond Housing Report For December 2014

January 22, 2015

Housing Report for Richmond, December 2014

Data Source: Real Estate Board of Greater Vancouver

Housing Type Active Listings December Sales Av. 3 mth No. Months Median Price
Detached 520 107 134 3.88 $1,050,000
Townhouse 265 77 83 3.19 $541,800
Condominiums 810 115 115 7.04 $343,500
Total Sales 1595 299 343 4.65

Richmond detached homesRichmond townhomesRichmond condos apartments
Home sales in Richmond for December, 2014 totaled 299 units were lower by 9% compared to the previous month’s sales of 328 homes, but still 20% higher than the 244 homes that were sold a year ago. Seasonally, there are more listings expected to come on the market the next 2 months.

Total active listings for the month dropped significantly by 19% to 1,595 listings compared to the previous month’s active listings at 1,960. December could be the turning point for a reversal of the tight supply of single family detached homes and townhouses in Richmond. View Richmond homes for sale here.

The months of inventory (MOI) for the 3 housing types in Richmond in December dropped further from 5.27 the month before to 4.65 months of supply. Both single family detached homes and townhouses in Richmond have limited supply of homes; with detached homes showing 3.88, while and townhouses were showing 3.19 months of supply. The resale condo market in Richmond remained the weakest with supply of resale condos at 7.04 months of inventory.

Richmond housing market outlook

Other than condos being under pressure to compete for buyers, townhouse sellers in Richmond are having a relatively good market to work with when there are just over 3 months of inventory. Detached homes in Richmond with just around 3.88 months of supply, are considered bullish for home sellers compared to around 7 months of supply at the beginning of 2014.

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 – 544 homes, averaging 170 sales a month – around 3.2 months of supply.
  • 124 (23%) of these homes are under $1,000,000, selling around 72 homes a month – 1.7 months of supply.
  • 183 (34%) homes are between $1.0 to $1.5 million, with average sales of 58 homes a month – 3.2 months of supply.
  • 240 (45%) homes are over $1,500,000 with average sales of 42 homes a month – 5.7 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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