Richmond Housing Report For May, 2015

June 23, 2015

Housing Report for Richmond, May 2015

Data Source: Real Estate Board of Greater Vancouver

Housing Type Active Listings May Sales Av. 3 mth No. Months Median Price
Detached 595 224 235 2.53 $1,155,500
Townhouse 275 141 134 2.05 $570,000
Condominiums 1000 174 185 5.40 $360,500
Total Sales 1870 539 534 3.51 -

Richmond detached housingRichmond townhouseRichmond Condos

Home sales in Richmond for May, 2015 totaled 539 units was 8% lower compared to the previous month’s sales of 584 homes, and 33% higher than the 404 homes that were sold a year ago. There was a lack of new listings coming into the market the past few months compared to previous years at this time of the year. Less home sellers are interested to list their homes for sale resulting in home buyers chasing limited inventory of detached homes and townhouses. The supply of condos though lower than previous years, the demand from condo buyers was healthy.

Total active listings for the month at 1,870 was marginally higher - just 1% more than the previous month’s supply of 1,845 homes. Richmond’ housing market has been in a Seller Market since the spring of this year. Many detached homes under $1,000 and townhomes are experiencing multiple offers. View Richmond homes for sale here.

The months of inventory (MOI) for the 3 housing types in Richmond for May at 3.51 months of supply was comparable to the records set in the spring of 2011. The under-lying demand for homes in Richmond especially single family detached homes and townhouses were very strong. Both single family detached homes under $1.5 million and townhouses over the whole price range were selling quickly. The strong demand for housing in Richmond is expected to continued through the end of this year.

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 condo projects were pointing to a great year for new condos for 2015.

Richmond housing market outlook

Overall, 2015 is expected to be very good for home 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 June, 2015 are:

  • Single family detached homes for sale - 599 homes, averaging 241 sales a month - around 2.5 months of supply.
  • 94 (16%) of these homes are under $1,000,000, selling around 70 homes a month - 1.3 months of supply.
  • 197 (33%) homes are between $1.0 to $1.5 million, with average sales of 109 homes a month - 1.8 months of supply.
  • 309 (51%) homes are over $1,500,000 with average sales of 64 homes a month - 4.8 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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