Richmond Housing Report - September 2008
October 5, 2008
Richmond Housing Report - List Vs Sold September, 2008
Source: RealtyLink Online, Listings versus Sales
| Housing Type | Active Listings | Sep. Sold Listings | Av. 3 Months Sale | No. Months | Average Price |
| Detached | 1000 | 59 | 67 | 14.93 | $800,000 |
| Townhouse | 520 | 41 | 50 | 10.40 | $450,000 |
| Condominiums | 1010 | 134 | 117 | 8.63 | $345,000 |
The Richmond total unit sales for September, 2008 registered an increase of 31% to 234 units as compared with 178 units sold the previous month. The average price for townhomes was down at $450,000 as compared with around $488,000 the previous month. Detached single family homes came down slightly in price from $810,000 to $800,000. Apartment prices however, went up from 325,000 to $345,000 compred with the previous month.
The total active listings registered a 4% increase from 2,430 units to 2,530 units. Active listings for detached homes, townhomes and condos decreased for the month were at 1,000, 520 and 1,010 units respectively. The Absorption Rate as compared with the previous month for detached houses and townhouse deteriorated further from 11.13 to 14.93 months, and 7.50 to 12.97 months respectively . The improvement in condo sales helped to moderate the build-up in inventory moderately from 8.18 to 8.63 months.
The Big Picture
Overall, Richmond’s now has 10.86 months supply of homes… an increase from 9.00 months supply in August. The over supply of homes will continue to put pressure on selling prices. Price decline was confined to older homes, and 10% or more price decline was recorded through listing and sale data on the MLS system.
For now resale new condos’ prices in Richmond are holding. The selling price per sq ft for resale new condos in Richmond appears to be holding at the $450 $500 range.
Click the link here for more information on Richmond’s new condo projects and completed condos. Inquiry on availability and prices can be directed to James Wong at 604-721-4817 or send him an email.
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