Richmond Housing Report For April, 2015

May 20, 2015

Housing Report for Richmond, April 2015

Data Source: Real Estate Board of Greater Vancouver

Housing Type Active Listings April Sales Av. 3 mth No. Months Median Price
Detached 595 253 215 2.76 $1,180,000
Townhouse 265 144 118 2.24 $565,950
Condominiums 985 187 173 5.69 $359,000
Total Sales 1845 584 507 3.64 -

detached.pngtownhouse.pngaprt.pngHome sales in Richmond for April, 2015 totaled 584 units jumped another 8% compared to the previous month’s sales of 541 homes, and 75% higher than the 334 homes that were sold a year ago. The pace of new listings coming into the market the past 3 months was much lower than previous years. There are less home sellers interested to list their homes for sale.

Total active listings for the month at 1,845 was around the same level compared to last month. The housing market in Richmond is now firmly in a Seller market with many homes experiencing multiple offers and home selling prices increasing noticeably compared to prices a few months ago. View Richmond homes for sale here.

The months of inventory (MOI) for the 3 housing types in Richmond for April at  a thight 3.64 months of supply was happened back in April 2011. The under-lying demand for homes in Richmond especially single family detached homes and townhouses are very strong. Both single family detached homes under $1.5 million and townhouses were selling quickly. The strong demand for housing in Richmond is expected to carry through for another few months.

The presale and resale condo markets are doing well with home prices firming up especially resale condos. The most active resale market segment for condos is in the newer condos that are under 8 years old. Feed-backs from the sales offices of presale new condos were pointing to a great year for new condo projects.

Richmond housing market outlook

Overall, 2015 should turn out to be a great year for sellers. The setbacks in the resource sectors from the decline in oil prices and uncertainty of BC’s LNG project getting the final approval have not dampened the housing market in BC.

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. Older homes with large lots are actively sought by new home builders who tear down the old houses to be replaced with new ones. Some investors are buying these homes as rental or holding properties.  

 The current statistics for Richmond detached homes around mid May, 2015 are:

  • Single family detached homes for sale - 572 homes, averaging 218 sales a month - around 2.6 months of supply.
  • 84 (15%) of these homes are under $1,000,000, selling around 69 homes a month - 1.2 months of supply.
  • 185 (32%) homes are between $1.0 to $1.5 million, with average sales of 95 homes a month - 2.0 months of supply.
  • 304 (53%) homes are over $1,500,000 with average sales of 55 homes a month - 5.5 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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    DISCLAIMER: The owner of this website 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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