Richmond July Housing Report

August 26, 2016

Housing Report For Richmond, July, 2016

The sales of detached homes and townhomes in Richmond for July dropped 42% and 24% respectively compared to the previous month. However, condos managed to post a gain of 14% over the previous month to record total 211 sales for the month.

The seasonal trend for lower sales activities and many in the industry also cited the implementation of the new 15% property transfer tax for non-resident buyers starting August 2nd, to result in buyers holding back to get into the market.

Richmond July housing report

Sales Activities 

The sales of detached homes slowed down considerably over the past 3 months as a result of high prices and lower demand from home buyers. It has now entered into a balanced market at a sale to active listing ratio around 16%. Both townhouses and condos are still in a Buyer’s market where there are more buyer interest chasing limited supplies of homes.

Sales graph for Richmond housing for July

Outlook for the next few months 

The market appears to be slowing down and the next 4 months being the seasonally slower autumn and winter months, the market is expected to improve with more listings and moderate sales. A moderate adjustment in home prices  may be expected in the coming months.

The run up in home prices over the past 9 months was simply too high and happening too fast. An adjustment in prices of 10% to 15% from their peaks is expected. This if it happens can’t be construed as a collapse in Richmond’s housing market.

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