Richmond Housing Report: November

January 2, 2019

Richmond Housing Report: November, 2018

Novermber home sales for Richmond continued to remain depressed, posting one of the worst months for Richmond home sales the past 5 years. The current housing market condition is considered as in a market downturn. The sales of Richmond detached homes had suffered more than 1.5 years of slow sales and gradual erosion in their selling prices.

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Compared to townhouses and condos, detached homes had been under seling pressure for the past 1.5  years, when many sellers were selling their homes at huge discounts from their asking prices. There isa high likelyhood of townhouse and condo sellers taking much higher discounts from their listing prices as their sales  also slowed considerably

At this time, both townhouses and condos are holding on to their prices. Many recent sales were reported to be some 3% to 5% lower than their peak prices. On a year-over-year basis, both townhomes and condos were selling around 4% to 5% higher than a year ago.

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Deteriorating Market Demand

The current soft market conditions are expected to last for some time. Thight lending starndards and the imposition of stress test for mortgage approval had resulted in buyers getting approved for much lower loan amounts they need to complete their purchases. With buyers getting more cautious and waiting on the sideline to see how the market is going to turn out, motivated home sellers are expected to give in and accept deeper discounts to sell their homes.

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