Richmond June Housing Report

July 20, 2016

Richmond Housing Report For June

Richmond City Centre condos > mls listings

The supply of Richmond detached homes increased 13% compared to the same month the year before continuing the previous month’s increase of 6% in May. There was 28% fewer sales of detached homes for the month. However, the median price for Richmond detached home for June at $1.7 million was 48.5% higher than the median price at $1.14 million a year ago.

The supply of townhouses and condos continued to be limited to just 45% and 63% of the number of homes being listed a year ago respectively. Richmond townhouses continued to experience very strong sales gain of 77% in June following May’s sales gain of 82%. The median prices for townhouses and condos were 17% and 30% higher respectively compared to a year ago.
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Slowing Sales Pace For Detached Homes

It is expected that with such high median price of $1.7 million, fewer home buyers are available to buy single-family detached homes. This may be the single most important reason for slower sales for single family detached homes. The high price for Richmond’s detached homes may also be the reason for the strong buying interest for townhouses and condos.

The big gains in home prices for townhouses and condos in Richmond the past few months were due to strong buyer interest chasing after the limited supply of townhouses and condos.

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What’s Next?

Overall, the bullish market is supported by buyer confidence that the real estate in Vancouver is supported by strong local buyers and abundant money inflow from overseas for real estate purchases. However, there are concerns by buyers that home prices could correct due to abnormally big gains in properties values. Some felt that this might not the time to commit buying their homes.

We will report back the Richmond housing market situation in the coming months. If you are interested in buying are selling your home, you are welcome to contact James @ 604-721-4817 for more info or just for a quick market update.

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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.