Richmond Housing Report - July 2008
August 18, 2008
Richmond Housing Report - List Vs Sold July, 2008
Source: RealtyLink Online, Listings versus Sales
| Housing Type | Active Listings | Jul. Sold Listings | Av. 3 Months Sale | No. Months | Average Price |
| Detached | 990 | 92 | 119 | 8.32 | $815,000 |
| Townhouse | 495 | 71 | 91 | 5.43 | $450,000 |
| Condominiums | 1010 | 124 | 142 | 7.11 | $315,000 |
The Richmond total unit sales for July, 2008 registered a drop of around 17% to 287 units as compared with 345 units sold the previous month. The median price was lower by about 4% for single family homes, townhomes and condos/apartments. The year over year median prices remained higher than the previous year.
The active listings for all detached, townhomes and apartments surpassed the previous month’s numbers. Active listings for detached homes increased from 895 units to 990, while Condo listings increased from 995 to 1,010. The Absorption Rate for Condos and detached houses at increased from 6.18 to 7.11 months and 6.17 to 8.32 months respectively. The supply of townhomes in Richmond also shot up from 4.24 months to 5.43 months. Overall, Richmond’s now has 7.09 months supply of homes. The increased supply and reduced demand will result in home prices trending lower as motivated home sellers will be forced to accept lower prices to sell their homes.
The biggest challenge is for resale new condo sellers competing with presale assignment sales and developers selling their unsold units. The selling price per sq ft for new condos in Richmond appear to be holding at the $450 $460 range.
If you like to have the latest Richmond condo market info for various newly completed condo developments, you can contact James Wong at 604-721-4817 or send him an email.
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