Richmond Housing Report For February, 2015

March 17, 2015

Housing Report for Richmond, February 2015

Data Source: Real Estate Board of Greater Vancouver

Housing Type Active Listings February Sales Av. 3 mth No. Months Median Price
Detached 605 164 134 4.53 $1,050,000
Townhouse 295 94 83 3.55 $550,000
Condominiums 925 115 138 6.70 $336,000
Total Sales 1825 299 396 4.61

Richmond housing sales
Richmond condo salesHome sales in Richmond for February 2015 totaled 396 units were 38% increase from the previous month’s sales of 286 homes, and 17% higher than the 339 homes that were sold a year ago. There are more new listings expected to come onto the market the next 3 months.

Total active listings for the month increased 9% compared to 1825 units compared to the previous months total of 1,670 listings. The spring housing market for Richmond appeared to be on steady ground to maintain or improve as buyers appear to have an active presence in the market. View Richmond homes for sale here.

The months of inventory (MOI) for the 3 housing types in Richmond in February at 4.61 months is showing a healthy balance with the only condo market facing some pricing pressure due to slightly elevated supply of resale condos. Resale condo sellers have to compete with presale new condos in the market.

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 – 613 homes, averaging 132 sales a month – around 4.7 months of supply.
  • 114 (19%) of these homes are under $1,000,000, selling around 53 homes a month – 2.2 months of supply.
  • 223 (36%) homes are between $1.0 to $1.5 million, with average sales of 46 homes a month – 4.8 months of supply.
  • 278 (45%) homes are over $1,500,000 with average sales of 34 homes a month – 8.2 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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