Richmond Housing Report - May 2008
June 9, 2008
Richmond Housing Report - List Vs Sold May, 2008
Source: RealtyLink Online, Listings versus Sales
| Housing Type | Active Listings | May Sold Listings | Av. 3 Months Sale | No. Months | Average Price |
| Detached | 790 | 149 | 161 | 4.91 | $830,000 |
| Townhouse | 390 | 118 | 113 | 3.45 | $470,000 |
| Condominiums | 895 | 157 | 164 | 5.45 | $335,000 |
The Richmond total unit sales as reported in May, 2008 registered a drop of around 9% to 424 units as compared with 464 as reported in April, 2008. Even though the total unit sales for the month were lower, the average prices reported were slightly higher in May as compared with the previous month.
The active listings for all 3 types of housing built up steadily. Active listings for detached home increased from 670 units to 790, while Condo listings increased from 810 to 895 in May. The key housing indicator for the direction of pricing trend as measured by “Absorption Rate” for Condos and detached houses at 5.45 and 4.91 months respectively are approaching the psychological 6-month inventory level. On the other hand, the supply of town homes in Richmond at around 3.45 months was comforting to townhome sellers as they are least likely to come under selling pressure.
There were rumored around that some new condo sellers who bought their pre-sale condos that are nearing completion now were trying to unload their purchases at a loss. At this point in time, the losses expected to be incurred by these sellers were rumored to be limited to the real estate commissions payable by the sellers only. If the market deteriorates, the losses could be significantly more than just the real estate commissions.
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