Richmond Housing Report, June 2010
July 11, 2010
Richmond Housing Report - List Vs Sold June, 2010
Source: RealtyLink Online
| Housing Type | Active Listings | June Sales | Av. 3 mth | No. Months | Average Price |
| Detached | 878 | 139 | 158 | 5.56 | $935,000 |
| Townhouse | 352 | 133 | 121 | 2.90 | $490,000 |
| Condominiums | 903 | 179 | 186 | 4.85 | $365,000 |
The Richmond total homes sale for June, 2010 at 451 units 3% higher than the previous month sale of 440 homes. The supply of detached homes, townhomes and condos/apartments totaled around 2,132 units was at about the same level as the previous month total of 2,130 units. The supply of listings appeared to be stable for now, while sales volume was maintained around the same level as the previous month. The months of inventory for June at 4.59 months was about 9% higher than the May supply at 4.23 months. The trend is heading towards a balanced market, with home prices softening and sellers more willing to negotiate on their prices.
Sale momentum is slowing and homes are taking longer to sell, and sellers are reported to be more willing and flexible in their price negotiation. The increase in the list/sale ratio is steady, but not alarming. With slower sales, the list/sale ratio is heading towards the supply/demand ratio of 6 months inventory. The lower sales activities have resulted in many weak home sellers reducing their selling prices.
Further softening in home prices expected
Many home buyers are willing to buy now if they find the suitable homes, and drive a hard bargain as sellers are more motivated to sell now. The implementation of the new HST is already having an effect on the sales of older homes. New home builders are reported to be staying on the sideline, and many older homes that used to sell within days at $750, 000 range in the “seafair neighborhood” are now sitting on the market.
More buyers may want to wait for home prices to fall before getting into the market. Price erosion can be expected when weak sellers are under pressure to sell their homes in the coming fall and winter months. You can use the link here 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.
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Richmond Housing Report - May, 2010
June 25, 2010
Richmond Housing Report - List Vs Sold May, 2010
Source: RealtyLink Online
| Housing Type | Active Listings | May Sales | Av. 3 mth | No. Months | Average Price |
| Detached | 795 | 156 | 161 | 4.94 | $935,000 |
| Townhouse | 400 | 113 | 126 | 3.80 | $490,000 |
| Condominiums | 935 | 171 | 193 | 4.84 | $365,000 |
The Richmond total homes sale for May, 2010 at 440 units was about 12% lower than the previous month sale of 501 homes. The supply of detached homes, townhomes and condos/apartments totaled around 2,130 units was 14% higher than the previous month total of 1,863 units. This is the second month in a row that homes sale was lower than the previous month, and listings was higher than. The months of inventory increased steadily from around 2.90 in January to around 3.5 months in February and March to 3.82 in April. May’s supply/demand ratio at 4.23 further signaled the housing market was cooling off, and heading towards a balanced market.
Sale momentum is slowing and the increased inventory has resulted in buyers taking their time before making their offers. Homes are now taking longer time to sell, and some sellers are reported to have withdrawn their homes from the market. Sellers are reported to be more willing and flexible in their price negotiation. There are not signs of home prices going down, but motivated sellers are keen to consider all offers.
The increase in the list/sale ratio is steady, but not alarming. Until the list/sale ratio cross over to 6 months inventory, home prices may be maintained at current level. The lower sales activities have resulted in many weak home sellers reducing their selling prices.
The fall market is not looking good
Many home buyers are willing to buy now if they find the suitable homes, before interest rates go higher and the implementation of the new HST (if this is passed by the BC Government) on July 01, 2010. More buyers may want to wait for home prices to fall before getting into the market. Price erosion can be expected when weak sellers are under pressure to sell their homes in the coming fall and winter months.
You can use the link here 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.
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Richmond Housing Report - April, 2010
May 24, 2010
Richmond Housing Report - List Vs Sold April, 2010
Source: RealtyLink Online
| Housing Type | Active Listings | April Sales | Av. 3 mth | No. Months | Average Price |
| Detached | 690 | 178 | 185 | 3.73 | $900,000 |
| Townhouse | 348 | 116 | 115 | 3.02 | $500,000 |
| Condominiums | 825 | 207 | 187 | 4.41 | $350,000 |
The Richmond total homes sale for April, 2010 at 501 units was about 18% lower than the previous month sale of 571 homes. The supply of detached homes, townhomes and condos/apartments totaled around 1,863 units was 23% higher than the previous month total of 1,515 units. With the strong listing momentum and lower sales, the Richmond housing market is tipping towards a more balanced market.
Sale momentum can be expected to be maintained around current level. With more homes to choose from, buyers are taking their time and homes are taking longer to be sold. The market is expected to remain fairly active for the next few months. Price-wise, Sellers are expected to be more amendable to negotiation and accept lower prices than the previous months.
The list/sale ratio improved further from 3.53 to 3.82 months inventory. There are now more sellers and listings, and the rush to buy by buyers is easing. Currently, price reduction is not as prevailing, but this is expected to change if homes are sitting on the market too long. It may take some time before the list/sale ratio increases to 6 months supply to reach a balanced market.
Home prices are at or surpass the previous heights in 2007. We are likely to witness a double top, and home prices to ease and drift lower during the second half of 2010. In spite of expectation of an interest rate increase, recent events in Europe may help in the Bank of Canada taking a more moderate approach in raising interest rates.
Heading towards a balanced market?
Many home buyers are prompted to buy now if they find the suitable homes before higher interest rates and implementation of the new HST (if this is passed by the BC Government) .
You can use the link here 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.
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Richmond Housing Report - March, 2010
April 6, 2010
Richmond Housing Report - List Vs Sold March, 2010
Source: RealtyLink Online
| Housing Type | Active Listings | March Sales | Av. 3 mth | No. Months | Average Price |
| Detached | 530 | 222 | 163 | 3.25 | $970,000 |
| Townhouse | 265 | 149 | 101 | 2.62 | $510,000 |
| Condominiums | 730 | 200 | 165 | 4.42 | $350,000 |
The Richmond total home sale for March, 2010 at 571 units was about 47% higher than the previous month sale of 389 homes. The supply of detached homes, townhomes and condos/apartments totaled around 1,515 units was 15% higher than the previous month total of 1,315 units.
With more listings coming onto the market, the tight supply of homes in Richmond is expected to ease gradually. Sale momentum can be expected to be maintained, as buying interest is expected to continue until the end of June. Home buyers are trying to make their purchases and close before the end of June, 2010. The market continued to be very active with home buyers ready to commit when they come across homes meeting their requirements.
The list/sale ratio improved greatly from 3.47 to 3.53 months inventory. There are now more sellers and listings, and the rush to buy by buyers is easing. Currently, price reduction is not as prevailing, but this is expected to change if homes are sitting on the market too long. It may take some time before the list to sale ratio increase to 6 months inventory to reach a balanced market.
Home buyers are looking out for new listings and ready to pay prevailing market prices which are now surpassing the previous heights in 2007. The media and housing experts are cautioning home buyers, to only consider taking on home mortgages that they can afford.
Heading towards a balanced market?
The sales pace is expected to remain active until the middle of the year. Buyers are prompted to buy now before the interest rates spike up the second half of 2010. The pending implementation of HST for new homes will likely affect higher valued new homes that are priced over a quarter of a million.
You can use the link here 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.
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Richmond Housing Report - February, 2010
March 17, 2010
Richmond Housing Report - List Vs Sold February, 2010
Source: RealtyLink Online
| Housing Type | Active Listings | February Sales | Av. 3 mth | No. Months | Average Price |
| Detached | 475 | 154 | 129 | 3.68 | $925,000 |
| Townhouse | 215 | 81 | 101 | 2.65 | $485,000 |
| Condominiums | 625 | 154 | 149 | 4.19 | $355,000 |
The Richmond total home sale for February, 2010 at 389 units was about 19% higher than the previous month sale of 328 homes. The supply of detached homes, townhomes and condos/apartments totaled around 1,315 units was 18% higher than the previous month total of 1,115 units.
With more listings coming onto the market, the tight supply of homes in Richmond is expected to ease gradually. Sale momentum can be expected to be maintained, as buying interest is expected to continue until the end of June. Home buyers are trying to make their purchases and close before the end of June, 2010. The market continued to be very active with home buyers ready to commit when they come across homes meeting their requirements.
The list/sale ratio improved greatly from 2.90 to 3.47 months inventory. There are now more sellers and listings, and the rush to buy by buyers is easing. Currently, price reduction is not as prevailing, but this is expected to change if homes are sitting on the market too long. It may take some time before the list to sale ratio increase to 6 months inventory to reach a balanced market.
Home buyers are looking out for new listings and ready to pay prevailing market prices which are now at or surpassing the previous heights in 2007. The media and housing experts are cautioning home buyers, to only consider taking on home mortgages that they can afford.
Heading towards a balanced market?
The sales pace is expected to remain active until the middle of the year. Buyers are prompted to buy now before the interest rates spike up the second half of 2010. The pending implementation of HST for new homes will likely affect higher valued new homes that are priced over a quarter of a million.
You can use the link here 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.
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Richmond Housing Report - January, 2010
February 13, 2010
Richmond Housing Report - List Vs Sold January, 2010
Source: RealtyLink Online
| Housing Type | Active Listings | January Sales | Av. 3 mth | No. Months | Average Price |
| Detached | 390 | 113 | 128 | 3.05 | $950,000 |
| Townhouse | 190 | 72 | 105 | 1.81 | $480,000 |
| Condominiums | 535 | 142 | 181 | 2.95 | $335,000 |
The Richmond total home sale for January, 2010 at 328 units was about 14% lower than the previous month sale of 383 homes. The supply of detached homes, townhomes and condos/apartments totaled around 1,115 units was about 64% of the total listings as compared to a year ago. .
The total active listings at the end of January, 2010 increased by about 13% as compared to the previous month’s 983 listings. The lack of new listings continued to put pressure on selling prices. The supply / demand (list to sale) ratio remained very tight, at 2.90 months of inventory. This is far from the 6 months supply to be consider reaching a balanced market.
It’s still a buyer’s market
The market continued to be very active with home buyers ready to commit when they come across homes meeting their requirements. Home buyers are looking out for new listings and ready to pay prevailing market prices which are now at or surpassing the previous heights in 2007. The media and housing experts are cautioning home buyers, to 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.
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Richmond Housing Report - December, 2009
January 7, 2010
Richmond Housing Report - List Vs Sold December, 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.
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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.
