November Richmond Housing Report

December 21, 2015

Richmond November Housing Remained Strong

Data Source: Real Estate Board of Greater Vancouver

Housing Type Active Listings Nov Sales Av. 3 mth No. Months Median Price
Detached 395 178 185 2.13 $1,350,000
Townhouse 155 93 109 1.42 $616,600
Condominiums 780 256 181 4.31 $369,900
Total Sales 1330 527 443 3.00 -

Both detached homes and townhouses are in a strong Seller Market with fewer homes coming onto the market.  Eager buyers were getting increasingly frantic commit on buying new listings posted for sale. Most homes have no difficulty in finding buyers within the first week of listing on the MLS®  System.


Richmond November Housing Report

Richmond housing market outlook

The high demand for Real estate in Richmond will continue into 2016 as there are no signs of more supply of homes coming onto the market. Unless, some unforeseeable external economic or financial events change the market dynamics, Richmond and the lower mainland will continue to experience low supply and continuing the run-up in home prices.

Older homes with large lots over 7,500 sq ft Richmond continued to enjoy good buying support from new home builders and investors. Older homes with large lots are selling from $1.0 to $1.3 million.   

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.