Richmond Housing Report - December, 2009
January 7, 2010
Richmond Housing Report - List Vs Sold Deember, 2009
Source: RealtyLink Online
| Housing Type | Active Listings | December Sales | Av. 3 mth | No. Months | Average Price |
| Detached | 308 | 120 | 152 | 2.03 | $885,000 |
| Townhouse | 175 | 111 | 116 | 1.51 | $470,000 |
| Condominiums | 500 | 152 | 188 | 2.65 | $330,000 |
The Richmond total home sale for December, 2009 at 383 units was about the same as compared with the previous month sale of 440 homes. The supply of detached homes and townhomes was less than 50% as compared to a year ago. Similarly, condos listing was about 40% lower in November as compared to a year ago.
The total active listings at the end of December dropped to an all time low at 983 units. The lack of new listings continued to put pressure on selling prices. The supply / demand (list to sale) ratio remained extremely tight, and dropped from 2.46 to 2.15 months of inventory. The past 11 months re-bounce in home sales, and lack of new inventory, continued to pushed home prices higher.
The market continued to be very active with home buyers ready to commit when they come across homes meeting their requirements. Sales activities remain strong, and many home buyers are looking out for new listings and the right homes to buy. The media and housing experts are cautioning home buyers to be cautious, and only consider taking on home mortgages hat they can afford.
Will current bullish market continue?
The sales pace for the first quarter of next year is expected to maintain current buyer interest. Some buyers may be prompted to buy now before the interest rates spike up the second half of 2010, and the pending implementation of HST for new homes.
You can follow the monthly housing market up-date for Greater Vancouver here. Use this link to view homes available for sale in Richmond.
For more information on Richmond real estate, you are welcome to contact me at 604-721-4817 or email me.
Return to Homepage.
Richmond Housing Report - November, 2009
December 12, 2009
Richmond Housing Report - List Vs Sold November, 2009
Source: RealtyLink Online
| Housing Type | Active Listings | November Sales | Av. 3 mth | No. Months | Average Price |
| Detached | 410 | 152 | 176 | 2.32 | $875,000 |
| Townhouse | 255 | 99 | 128 | 1.99 | $460,000 |
| Condominiums | 610 | 189 | 214 | 2.85 | $330,000 |
The Richmond total home sale for November, 2009 at 440 units showed a 20% drop in sales compared with the previous month sale of 544 homes. The supply of detached homes and townhomes was less than 50% as compared to a year ago. Similarly, condos listing was about 40% lower in November as compared to a year ago.
The total active listings at the end of November at 1,275 units were 10% lower than the previous month’s listings of 1,405 units, and just about 50% of the total listings of 2,520 in November 2008. The supply / demand (list to sale) ratio remained tight around 2.46 months. The past 10 months re-bounce in home sales, and lack of new inventory coming onto the market, continued to pushed home prices higher.
The market continued to be very active with home buyers ready to commit when they come across homes meeting their requirements. Sales activities remain strong, and many home buyers are looking out for new listings and the right homes to buy. The media and housing experts are cautioning home buyers that the housing market may be too rich and any adverse events may cause a pull back in home sales.
Will current bullish market continue?
The sales pace for November was lower than the previous 2 months. This can be attributed to the colder and wet weather that dampen sales. However, the lack of new supply and strong demand from home buyers continued to push home prices higher.
You can follow the monthly housing market up-date for Greater Vancouver here. Use this link to view homes available for sale in Richmond.
For more information on Richmond real estate, you are welcome to contact me at 604-721-4817 or email me.
Return to Homepage.
Richmond Housing Report - October, 2009
November 24, 2009
Richmond Housing Report - List Vs Sold October, 2009
Source: RealtyLink Online
| Housing Type | Active Listings | October Sales | Av. 3 mth | No. Months | Average Price |
| Detached | 500 | 185 | 182 | 2.75 | $875,000 |
| Townhouse | 285 | 137 | 137 | 2.08 | $460,000 |
| Condominiums | 620 | 222 | 212 | 2.92 | $350,000 |
The Richmond total home sale for October, 2009 at 544 units kept up relatively well with the previous month sale of 570 homes. The supply of detached homes and townhomes continued to decline moderately, while condo listings grew slightly.
The total active listings at the end of October at 1,405 units were were just marginally lower than the previous month’s listings of 1,435 units. The supply / demand (list to sale) ratio remained tight around 2.65 months. The past 9 months re-bounce in home sales, and lack of new inventory coming onto the market, helped to pushed home prices higher.
The market continued to be very active with home buyers ready to commit when they come across homes meeting their requirements. Sales activities remain strong, and many home buyers are looking out for new listings and the right homes to buy.
Will current bullish market continue?
The fall season and the lack of inventory is expected to dampen sales. While seasonal reduction in sales for the autumn and winter months can be expected, home prices are expected to remain at current level.
You can follow the monthly housing market up-date for Greater Vancouver here. Use this link to view homes available for sale in Richmond.
For more information on Richmond real estate, you are welcome to contact me at 604-721-4817 or email me.
Return to Homepage.
Richmond Housing Report - List Vs Sold September, 2009
October 6, 2009
Richmond Housing Report - List Vs Sold September, 2009
Source: RealtyLink Online
| Housing Type | Active Listings | September Sales | Av. 3 mth | No. Months | Average Price |
| Detached | 515 | 192 | 194 | 2.65 | $800,000 |
| Townhouse | 310 | 148 | 151 | 2.05 | $430,000 |
| Condominiums | 610 | 230 | 214 | 2.85 | $335,000 |
The Richmond total home sale for September, 2009 at 570 units gained 19% over the previous month sale of 479 homes. The supply of detached homes and townhomes were at around the same level, while condo listings grew slightly.
The total active listings at the end of September at 1,435 units were around the sale level as for the previous month of 1,410 units. The supply / demand (list to sale) ratio remained tight around 2.56 months as compared with the previous month at 2.50 months. The past 8 months re-bounce in home sales, and lack of new inventory coming onto the market, helped to maintain home prices at current levels.
The market continued to be very active with many first time home buyers checking on homes listed for sale on the MLS system.
Will current bullish market continue?
There are many home buyers still looking for the right homes to buy. Sales activities remain strong. The fall season and the lack of inventory is expected to dampen sales. While seasonal reduction in sales for the autumn and winter months can be expected, home prices are expected to remain at current level.
You can follow the monthly housing market up-date for Greater Vancouver here. Use this link to view homes available for sale in Richmond.
For more information on Richmond real estate, you are welcome to contact me at 
604-721-4817
or email me.
Return to Homepage.
Richmond Housing Report - List Vs Sold August, 2009
September 28, 2009
Richmond Housing Report - List Vs Sold August, 2009
Source: RealtyLink Online
| Housing Type | Active Listings | August Sales | Av. 3 mth | No. Months | Average Price |
| Detached | 510 | 170 | 198 | 2.58 | $820,000 |
| Townhouse | 310 | 126 | 153 | 2.03 | $460,000 |
| Condominiums | 590 | 183 | 213 | 2.77 | $320,000 |
Richmond condos
The Richmond total home sale for August, 2009 at 479 units was 24% lower than the previous month sale of 630 homes. The supply of detached homes continue to shrink, while townhomes were at around the same level. The supply of condos picked up slightly.
The total active listings at the end of August at 1,410 units were around the sale level as for the previous month of 1,416 units. The supply / demand (list to sale) ratio remained at the 2.50 months as compared with the previous month at 2.48 months. The past 7 months re-bounce in home sales, and lack of new inventory coming onto the market, continues to exert pressure on buyers resulting in homes gaining in prices.
The drop in sales in August if continue into the autumn months may help to ease home prices going higher. Home prices appear to have regain all the losses from their peaks.
Will current bullish market continue?
There are many home buyers still looking for the right homes to buy. Sales activities remain strong. The fall season and the lack of inventory is expected to dampen sales. While seasonal reduction in sales for the autumn and winter months can be expected, home prices are expected to remain at current level.
You can follow the monthly housing market up-date for Greater Vancouver here. Use this link to view homes available for sale in Richmond.
For more information on Richmond real estate, you are welcome to contact me at 604-721-4817 or email me.
Return to Homepage.
Richmond Housing Report - List Vs Sold July, 2009
August 12, 2009
Richmond Housing Report - List Vs Sold July, 2009
Source: RealtyLink Online
| Housing Type | Active Listings | July Sales | Av. 3 mth | No. Months | Average Price |
| Detached | 595 | 221 | 198 | 3.01 | $780,000 |
| Townhouse | 305 | 179 | 154 | 1.98 | $430,000 |
| Condominiums | 515 | 230 | 218 | 2.36 | $330,000 |
The Richmond total home sales for July, 2009 picked up further with total sales improvement of 8% to 630 homes compared to the previous month sale of 584 homes. On a year-over-year basis, last month’s sales showed an increase of 120% over the same month sale of 287 homes in 2008.
The total active listings at the end of June dropped slightly from 1,540 the previous month to 1,415 units. The improvement in sales helped to improve the supply / demand (list to sale) ratio further from 3.06 to around 2.48 months. The past 6 months re-bounce in home sales, and lack of new inventory coming onto the market, is now creating another round of buying resulting in homes regaining in prices. The current seller’s market situation is expected to continue into the autumn months of 2009.
Will current bullish market continue?
So far, there are no signs of the market slowing down. Sales activities remain strong, and many homes were sold within days of being listed on the market. New inventory is not coming onto the market fast enough to fill the void left by homes depleted from the market. The strong momentum in buyer demand may continue until the end of 2009.
For now home sellers are holding on to their selling prices, and many homes were found to be selling at higher prices now. There are now more buyers willing to commit to buy when they find the homes they like.You can follow the monthly housing market up-date for Greater Vancouver here. Use this link to view homes available for sale in Richmond.
For more information on Richmond real estate, you are welcome to contact me at 604-721-4817 or email me.
Return to Homepage.
Richmond Housing Report - List Vs Sold June, 2009
July 8, 2009
Richmond Housing Report - List Vs Sold June, 2009
Source: RealtyLink Online
| Housing Type | Active Listings | June Sales | Av. 3 mth | No. Months | Average Price |
| Detached | 610 | 204 | 170 | 3.59 | $775,000 |
| Townhouse | 330 | 155 | 138 | 2.39 | $425,000 |
| Condominiums | 600 | 225 | 196 | 3.06 | $320,000 |
The Richmond total home sales for June, 2009 picked up further with total sales improvement of 18% to 584 homes compared to the previous month sale of 497 homes. On a year-over-year basis, last month’s sales showed an increase of 69% over the same month sale of 345 homes in 2008.
The total active listings at the end of June dropped slightly from 1,550 the previous month to 1,540 units. The improvement in sales helped to improve the supply / demand (list to sale) ratio further from 3.68 to around 3.06 months. The past 5 months re-bounce in home sales, and lack of new inventory coming onto the market, is now creating another round of buying resulting in some home prices regaining in prices. At current level, the market is a seller’s market - sellers are in control.
Will current bullish market continue?
Sales may follow previous years decline in activities after the spring surge in sales each year. New inventory is not coming onto the market fast enough to fill the void left by homes depleted from the market. The question is will home sales slow down from here on?
Until the market re-balance with more inventory, sales will drop off like previous years as shown here.
For now home sellers are holding on to their selling prices, and many homes were found to be selling at higher prices than the past 3 months. The Richmond housing market is presently very active, and there are now more buyers willing to commit to buy when they find the homes they like.
You can follow the monthly housing market up-date for Greater Vancouver here. Use this link to view homes available for sale in Richmond.
For more information on Richmond real estate, you are welcome to contact me at 604-721-4817 or email me.
Return to Homepage.
Richmond Housing Report - List Vs Sold May, 2009
June 7, 2009
Richmond Housing Report - List Vs Sold May, 2009
Source: RealtyLink Online
| Housing Type | Active Listings | May Sales | Av. 3 mth | No. Months | Average Price |
| Detached | 610 | 170 | 141 | 4.32 | $715,000 |
| Townhouse | 335 | 127 | 116 | 2.89 | $430,000 |
| Condominiums | 605 | 200 | 164 | 3.70 | $335,000 |
The Richmond total home sales for May, 2009 picked up further with total sales improvement of 16% to 497 homes compared to the previous month sale of 429 homes. On a year-over-year basis, last month’s sales showed an increase of 17% over the same month in 2008.
The total active listings dropped another 8% from 1,673 the previous month to 1,550 units. The improvement in sales helped to improve the supply / demand (list to sale) ratio greatly from 5.21 to around 3.68 months. The past 4 months re-bounce in home sales, and lack of new inventory coming onto the market, is now creating another round of buying resulting in some home prices showing gain in their selling prices. At current level, the market technically is now back in a seller’s market.
The Big Picture
Sales may follow previous years decline in activities after the spring surge in sales each year. New inventory is not coming onto the market fast enough to fill the void after more than 1,263 homes were depleted from the market. Unless home buyers continue the buying spree, paying higher prices for less attractive homes - this may not be likely. Until the market re-balance with more inventory, sales will drop off like previous years as shown here.
For now home sellers are holding on to their selling prices, and many homes were found to be selling at higher prices than the past 3 months. The Richmond housing market is presently very active, and there are now more buyers willing to commit to buy when they find the homes they like.
You can follow the monthly housing market up-date for Greater Vancouver here. Use this link to view homes available for sale in Richmond.
For more information on Richmond real estate, you are welcome to contact me at 604-721-4817 or email me.
Return to Homepage.
Richmond Housing Report - List Vs Sold April, 2009
May 11, 2009
Richmond Housing Report - List Vs Sold April, 2009
Source: RealtyLink Online, Listings versus Sales
| Housing Type | Active Listings | April Sales | Av. 3 mth | No. Months | Average Price |
| Detached | 670 | 135 | 107 | 6.26 | $750,000 |
| Townhouse | 323 | 132 | 89 | 3.63 | $425,000 |
| Condominiums | 680 | 162 | 125 | 5.44 | $270,000 |
The Richmond total home sales for April, 2009 picked up further with total sales improved 27% to 429 homes compared to the previous month sale of 337 homes. On a year-over-year basis, this was a drop of 8% from the April 2008 sales of 464 units. The median prices for detached homes and condos dropped slightly while townhome price gained slightly compared with the previous month.
The total active listings decreased 16% from 1,685 the previous month to 1,673 units. The improvement in sales helped to improve the supply / demand (list to sale) ratio greatly from 9.97 to around 5.87 months. The past 3 months re-bounce in home sales greatly helped to bring supply and demand in balance thereby helping to prevent further price decline in home prices.
The Big Picture
Overall, home prices for detached homes, townhomes, and condos are supported at current levels. Lower home prices combined with low interest rates are attracting more buyers entering the market. The market remained fairly active with more buyers making inquiries and searching out for homes.
You can read the latest news on Greater Vancouver and Canadian housing reports here. Use this link to view homes available for sale in Richmond.
For more information on Richmond real estate, you are welcome to contact me at 604-721-4817 or email me.
Return to Homepage.
Richmond Housing Report - List Vs Sold March, 2009
April 4, 2009
Richmond Housing Report - List Vs Sold March, 2009
Source: RealtyLink Online, Listings v. Sales
| Housing Type | Active Listings | March Sales | Av. 3 mth | No. Months | Average Price |
| Detached | 665 | 118 | 72 | 9.24 | $780,000 |
| Townhouse | 360 | 89 | 50 | 7.20 | $410,000 |
| Condominiums | 660 | 130 | 92 | 7.17 | $275,000 |
The total home sales for the month of March, 2009 in Richmond picked up further. The total sales improved by 69% to 337 homes compared to the previous month sale of 199 homes. On a year-over-year basis, this was a drop of 21% from the March 2008 sales of 427 units.
The total active listings decreased slightly from 1,820 the previous month to 1,685 units. The improvement in sales helped to improve the supply / demand (list to sale) ratio greatly from 13.09 to around 8.97 months. At around 9 months supply of home, sellers are still under pressure to adjust their prices lower to sell their homes.
The Big Picture
Overall, home prices had dropped in the range of 12% to 15%, and the Spring season helps to spur more buyer activities. The market remained fairly active with more buyers making inquiries and searching for homes.
Whether home prices will hold at the present level or subject to further price decline will depend on how the supply and demand activities for homes over the next few months. Although mortgage rates are at all time low, Canadian banks have tightened their lending, which will have an effect on the demand for homes from buyers. You can read the latest news on Greater Vancouver and Canadian housing reports.
Use this link to view Homes for Sale in Richmond.
For more information, please contact me at 604-721-4817 or email me.
Return to Homepage.
