Richmond Housing Report For January, 2015

March 17, 2015

Housing Report for Richmond, January 2015

Data Source: Real Estate Board of Greater Vancouver

Housing Type Active Listings January Sales Av. 3 mth No. Months Median Price
Detached 585 118 118 4.96 $1,090,000
Townhouse 275 66 72 3.82 $549,000
Condominiums 810 102 114 7.11 $339,500
Total Sales 1670 299 303 5.51

Richmond housing sales chart
Richmond condo salesHome sales in Richmond for January, 2015 totaled 286 units were lower by 4% compared to the previous month’s sales of 299 homes, but still 8% higher than the 264 homes that were sold a year ago. Seasonally, more listings are expected to come on the market the next 3 months.

Total active listings for the month increased 5% to 1,670 listings compared to the previous month’s active listings at 1,595. January as expected was reversing the tight supply of single family detached homes and townhouses in Richmond slightly. On the other hand, condo listing inventory was about the same as the previous month.View Richmond homes for sale here.

The months of inventory (MOI) for the 3 housing types in Richmond in January changed from 4.65 the month before to 5.51 months of supply. Both single family detached homes and townhouses in Richmond were still considered tight; with detached homes showing a MOI of 4.96, while and townhouses were showing 3.82 months of supply. The resale condo market in Richmond remained the weakest with supply of resale condos at 7.11 months of inventory.

Richmond housing market outlook

Other than condos being under pressure to compete for buyers, townhouse and detached home sellers in Richmond are having a relatively good market when their supplies and demands are at 3.82 and 4.96 months respectively.

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.  

 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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