Condominiums and townhomes in high demand across Metro Vancouver

May 16, 2017

Source: REBGV, read full report here…

Sales of apartment, or condominium, properties reached 1,722 in April 2017, a decrease of 18.3 per cent compared to the 2,107 sales in April 2016.The benchmark price of an apartment property is $554,100.

April Vancouver real estate report


Residential property sales in the region totalled 3,553 in April 2017, a 25.7 percent decline compared to April 2016 when 4,781 homes sold and a 0.7 per centdecrease from the 3,579 sales recorded in March 2017.

April sales were 4.8 per cent above the 10-year average for the month.

The total number of residential properties currently listed for sale on the MLS® system in Metro Vancouver is 7,813, a 3.5 per cent increase compared to April2016 and a three per cent increase compared to March 2017.

Generally, analysts say that downward pressure on home prices occurs whenthe ratio dips below the 12 per cent mark for a sustained period, while homeprices often experience upward pressure when it surpasses 20 per cent overseveral months.

Over the last three months, the benchmark price of condominiums has seen thelargest increase in the region at 8.2 per cent, followed by townhomes at 5.3 percent, and detached homes at 2.8 per cent.

“It’s important to work with your local Realtor to help you navigate today’smarketplace.” Sales of detached properties in April 2017 reached 1,211, adecrease of 38.8 per cent from the 1,979 detached sales recorded in April 2016. 

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Richmond Housing Report - March, 2017

April 17, 2017

Richmond list/sale ratio housing report
Market Turning Bullish

The list to sale ratios for the 3 housing types in Richmond turned more bullish in March. Notably, Richmond detached homes started to turn around in March to head up to the upper band of a ‘balanced market’.
detached.jpg
Price-wise, detached homes in Richmond was hovering around the $1.57 million range compared to its price around $1.4 million a year ago in March, 2016 and the peak around $1.72 million in around the middle of 2016.

townhouse.jpg
Richmond townhouse remain in good demand and townhouse prices continued to go higher at a moderate rate.

condo.jpg
Richmond condo demand and prices continued to experience huge gain, reaching all time high in demand and surged significantly in price gain month-over-month. Compared to its early 2016 price around $400,000, the March price was just shy of $500,000.

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Richmond Housing Report - January 2017

March 2, 2017

Richmond single family detached homes remained in a Buyer’s Market. However, detached home price was not under pricing pressure or showing any sign of decline. Seasonally, with the onset  of January, more home sellers started to list their homes on the market 

Richmond Housing Report

Richmond Home Sale-To-Active Ratio 

The housing market in Richmond for January continue to experience low inventory of condos and the pace of condo sale was active and most new condo listings were selling well. Home prices for detached and townhouses were holding to their gains over the past 12 months.

Richmond real estate showing sale to active listing ratio

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Richmond July Housing Report

August 26, 2016

Housing Report For Richmond, July, 2016

The sales of detached homes and townhomes in Richmond for July dropped 42% and 24% respectively compared to the previous month. However, condos managed to post a gain of 14% over the previous month to record total 211 sales for the month.

The seasonal trend for lower sales activities and many in the industry also cited the implementation of the new 15% property transfer tax for non-resident buyers starting August 2nd, to result in buyers holding back to get into the market.

Richmond July housing report

Sales Activities 

The sales of detached homes slowed down considerably over the past 3 months as a result of high prices and lower demand from home buyers. It has now entered into a balanced market at a sale to active listing ratio around 16%. Both townhouses and condos are still in a Buyer’s market where there are more buyer interest chasing limited supplies of homes.

Sales graph for Richmond housing for July

Outlook for the next few months 

The market appears to be slowing down and the next 4 months being the seasonally slower autumn and winter months, the market is expected to improve with more listings and moderate sales. A moderate adjustment in home prices  may be expected in the coming months.

The run up in home prices over the past 9 months was simply too high and happening too fast. An adjustment in prices of 10% to 15% from their peaks is expected. This if it happens can’t be construed as a collapse in Richmond’s housing market.

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DISCLAIMER: The owner of this website assumes no liability whatsoever, for errors and/or omissions and any consequences arising either directly or indirectly from the use of information provided by this website. Any data provided are strictly for guidance and planning purposes only and may not be applicable due to ever changing market dynamics.

Richmond June Housing Report

July 20, 2016

Richmond Housing Report For June

Richmond City Centre condos > mls listings

The supply of Richmond detached homes increased 13% compared to the same month the year before continuing the previous month’s increase of 6% in May. There was 28% fewer sales of detached homes for the month. However, the median price for Richmond detached home for June at $1.7 million was 48.5% higher than the median price at $1.14 million a year ago.

The supply of townhouses and condos continued to be limited to just 45% and 63% of the number of homes being listed a year ago respectively. Richmond townhouses continued to experience very strong sales gain of 77% in June following May’s sales gain of 82%. The median prices for townhouses and condos were 17% and 30% higher respectively compared to a year ago.
richmond_stats.png

Slowing Sales Pace For Detached Homes

It is expected that with such high median price of $1.7 million, fewer home buyers are available to buy single-family detached homes. This may be the single most important reason for slower sales for single family detached homes. The high price for Richmond’s detached homes may also be the reason for the strong buying interest for townhouses and condos.

The big gains in home prices for townhouses and condos in Richmond the past few months were due to strong buyer interest chasing after the limited supply of townhouses and condos.

richmond_sl_ratio.png

What’s Next?

Overall, the bullish market is supported by buyer confidence that the real estate in Vancouver is supported by strong local buyers and abundant money inflow from overseas for real estate purchases. However, there are concerns by buyers that home prices could correct due to abnormally big gains in properties values. Some felt that this might not the time to commit buying their homes.

We will report back the Richmond housing market situation in the coming months. If you are interested in buying are selling your home, you are welcome to contact James @ 604-721-4817 for more info or just for a quick market update.

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DISCLAIMER: The owner of this website assumes no liability whatsoever, for errors and/or omissions and any consequences arising either directly or indirectly from the use of information provided by this website. Any data provided are strictly for guidance and planning purposes only and may not be applicable due to ever changing market dynamics.

Richmond March Housing Report

April 7, 2016

Buyers’ Strong Demand Continued

Frantic Bidding By Buyers

video_3.pngBy October 2015, buyers were getting frantic after losing their bids to other buyers and seeing homes sold within days on the market. Agents started to squeeze the buyers for the best offer by only allowing viewing during the “Open House” mostly conducted during the weekend and taking offers the following day or the second day after the open house. You can view a short video Clip on “Selling Your Home For Top Dollar

Richmond
Source: REBGV Stats Centre

Seller's_Market

Source: Stats Centre - REBGV

This tactic had resulted in eager home buyers only have one choice to bid for the homes they wanted to buy by forgoing subject conditions when making their offers. The final winner of a home in such bidding war was buyer mostly the buyer who offer the highest bid.

The current benchmark price for detached homes in Richmond is around $300,000 above the 10-year trend line (in red). What this means is that when the supply and demand ratio is back in balance, the benchmark price would likely return to the trend line if an orderly decline is in play.

Should there be a correction, home sellers who choose not to sell now could lose out several hundred thousand of dollars when supply catches up with diminished demand when market sentiment and buyers’ motivation become more rational. Until the supply situation improves, home sellers in Richmond will enjoy the quick sales of their homes at top price they can get from eager home buyers.

If you are thinking of selling, this is the best time to sell. You can view a short video Clip on “Selling Your Home For Top Dollar“.

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DISCLAIMER: The owner of this website assumes no liability whatsoever, for errors and/or omissions and any consequences arising either directly or indirectly from the use of information provided by this website. Any data provided are strictly for guidance and planning purposes only and may not be applicable due to ever changing market dynamics.

November Richmond Housing Report

December 21, 2015

Richmond November Housing Remained Strong

Data Source: Real Estate Board of Greater Vancouver

Housing Type Active Listings Nov Sales Av. 3 mth No. Months Median Price
Detached 395 178 185 2.13 $1,350,000
Townhouse 155 93 109 1.42 $616,600
Condominiums 780 256 181 4.31 $369,900
Total Sales 1330 527 443 3.00 -

Both detached homes and townhouses are in a strong Seller Market with fewer homes coming onto the market.  Eager buyers were getting increasingly frantic commit on buying new listings posted for sale. Most homes have no difficulty in finding buyers within the first week of listing on the MLS®  System.


Richmond November Housing Report

Richmond housing market outlook

The high demand for Real estate in Richmond will continue into 2016 as there are no signs of more supply of homes coming onto the market. Unless, some unforeseeable external economic or financial events change the market dynamics, Richmond and the lower mainland will continue to experience low supply and continuing the run-up in home prices.

Older homes with large lots over 7,500 sq ft Richmond continued to enjoy good buying support from new home builders and investors. Older homes with large lots are selling from $1.0 to $1.3 million.   

For more information on Richmond real estate, you are welcome to contact James Wong at 604-721-4817 or email James.

months of inventory (MOI) is a ratio based on total supply against the average 3 months sale. A ratio of 6 MOI is considered a “market in balance”. A ratio much higher than 6 will result in home prices under pressure to go lower and a ratio much under 6 will result in home prices under pressure to go up.

Disclaimer: The writer assumes no liability whatsoever, for errors and/or omissions and any consequences arising either directly or indirectly from the use of information provided by this website. Any data provided are strictly for guidance and planning purposes only and may not be applicable due to ever changing market dynamics.

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DISCLAIMER: The owner of this website assumes no liability whatsoever, for errors and/or omissions and any consequences arising either directly or indirectly from the use of information provided by this website. Any data provided are strictly for guidance and planning purposes only and may not be applicable due to ever changing market dynamics.

Richmond Housing Report For May, 2015

June 23, 2015

Housing Report for Richmond, May 2015

Data Source: Real Estate Board of Greater Vancouver

Housing Type Active Listings May Sales Av. 3 mth No. Months Median Price
Detached 595 224 235 2.53 $1,155,500
Townhouse 275 141 134 2.05 $570,000
Condominiums 1000 174 185 5.40 $360,500
Total Sales 1870 539 534 3.51 -

Richmond detached housingRichmond townhouseRichmond Condos

Home sales in Richmond for May, 2015 totaled 539 units was 8% lower compared to the previous month’s sales of 584 homes, and 33% higher than the 404 homes that were sold a year ago. There was a lack of new listings coming into the market the past few months compared to previous years at this time of the year. Less home sellers are interested to list their homes for sale resulting in home buyers chasing limited inventory of detached homes and townhouses. The supply of condos though lower than previous years, the demand from condo buyers was healthy.

Total active listings for the month at 1,870 was marginally higher - just 1% more than the previous month’s supply of 1,845 homes. Richmond’ housing market has been in a Seller Market since the spring of this year. Many detached homes under $1,000 and townhomes are experiencing multiple offers. View Richmond homes for sale here.

The months of inventory (MOI) for the 3 housing types in Richmond for May at 3.51 months of supply was comparable to the records set in the spring of 2011. The under-lying demand for homes in Richmond especially single family detached homes and townhouses were very strong. Both single family detached homes under $1.5 million and townhouses over the whole price range were selling quickly. The strong demand for housing in Richmond is expected to continued through the end of this year.

The presale and resale condo markets are doing well with home prices firming up especially resale condos. The most active resale market segment for condos is in the newer condos that are under 8 years old. Feed-backs from the sales offices of presale new condo projects were pointing to a great year for new condos for 2015.

Richmond housing market outlook

Overall, 2015 is expected to be very good for home sellers. The setbacks in the resource sectors from the decline in oil prices and uncertainty of BC’s LNG project getting the final approval have not dampened the housing market in BC.

Older homes with large lots over 7,500 sq ft in the westside of Richmond continued to enjoy good buying support from new home builders and investors. Older homes with large lots are actively sought by new home builders who tear down the old houses to be replaced with new ones. Some investors are buying these homes as rental or holding properties.  

 The current statistics for Richmond detached homes around mid June, 2015 are:

  • Single family detached homes for sale - 599 homes, averaging 241 sales a month - around 2.5 months of supply.
  • 94 (16%) of these homes are under $1,000,000, selling around 70 homes a month - 1.3 months of supply.
  • 197 (33%) homes are between $1.0 to $1.5 million, with average sales of 109 homes a month - 1.8 months of supply.
  • 309 (51%) homes are over $1,500,000 with average sales of 64 homes a month - 4.8 months of supply.
  •  

    For more information on Richmond real estate, you are welcome to contact James Wong at 604-721-4817 or email James.

    months of inventory (MOI) is a ratio based on total supply against the average 3 months sale. A ratio of 6 MOI is considered a “market in balance”. A ratio much higher than 6 will result in home prices under pressure to go lower and a ratio much under 6 will result in home prices under pressure to go up.

    Disclaimer: The writer assumes no liability whatsoever, for errors and/or omissions and any consequences arising either directly or indirectly from the use of information provided by this website. Any data provided are strictly for guidance and planning purposes only and may not be applicable due to ever changing market dynamics.

    Return to homepage.

    DISCLAIMER: The owner of this website assumes no liability whatsoever, for errors and/or omissions and any consequences arising either directly or indirectly from the use of information provided by this website. Any data provided are strictly for guidance and planning purposes only and may not be applicable due to ever changing market dynamics.

    Richmond Housing Report For April, 2015

    May 20, 2015

    Housing Report for Richmond, April 2015

    Data Source: Real Estate Board of Greater Vancouver

    Housing Type Active Listings April Sales Av. 3 mth No. Months Median Price
    Detached 595 253 215 2.76 $1,180,000
    Townhouse 265 144 118 2.24 $565,950
    Condominiums 985 187 173 5.69 $359,000
    Total Sales 1845 584 507 3.64 -

    detached.pngtownhouse.pngaprt.pngHome sales in Richmond for April, 2015 totaled 584 units jumped another 8% compared to the previous month’s sales of 541 homes, and 75% higher than the 334 homes that were sold a year ago. The pace of new listings coming into the market the past 3 months was much lower than previous years. There are less home sellers interested to list their homes for sale.

    Total active listings for the month at 1,845 was around the same level compared to last month. The housing market in Richmond is now firmly in a Seller market with many homes experiencing multiple offers and home selling prices increasing noticeably compared to prices a few months ago. View Richmond homes for sale here.

    The months of inventory (MOI) for the 3 housing types in Richmond for April at  a thight 3.64 months of supply was happened back in April 2011. The under-lying demand for homes in Richmond especially single family detached homes and townhouses are very strong. Both single family detached homes under $1.5 million and townhouses were selling quickly. The strong demand for housing in Richmond is expected to carry through for another few months.

    The presale and resale condo markets are doing well with home prices firming up especially resale condos. The most active resale market segment for condos is in the newer condos that are under 8 years old. Feed-backs from the sales offices of presale new condos were pointing to a great year for new condo projects.

    Richmond housing market outlook

    Overall, 2015 should turn out to be a great year for sellers. The setbacks in the resource sectors from the decline in oil prices and uncertainty of BC’s LNG project getting the final approval have not dampened the housing market in BC.

    Older homes with large lots over 7,500 sq ft in the westside of Richmond continued to enjoy good buying support from new home builders and investors. Older homes with large lots are actively sought by new home builders who tear down the old houses to be replaced with new ones. Some investors are buying these homes as rental or holding properties.  

     The current statistics for Richmond detached homes around mid May, 2015 are:

  • Single family detached homes for sale - 572 homes, averaging 218 sales a month - around 2.6 months of supply.
  • 84 (15%) of these homes are under $1,000,000, selling around 69 homes a month - 1.2 months of supply.
  • 185 (32%) homes are between $1.0 to $1.5 million, with average sales of 95 homes a month - 2.0 months of supply.
  • 304 (53%) homes are over $1,500,000 with average sales of 55 homes a month - 5.5 months of supply.
  •  

    For more information on Richmond real estate, you are welcome to contact James Wong at 604-721-4817 or email James.

    months of inventory (MOI) is a ratio based on total supply against the average 3 months sale. A ratio of 6 MOI is considered a “market in balance”. A ratio much higher than 6 will result in home prices under pressure to go lower and a ratio much under 6 will result in home prices under pressure to go up.

    Disclaimer: The writer assumes no liability whatsoever, for errors and/or omissions and any consequences arising either directly or indirectly from the use of information provided by this website. Any data provided are strictly for guidance and planning purposes only and may not be applicable due to ever changing market dynamics.

    Return to homepage.

    DISCLAIMER: The owner of this website assumes no liability whatsoever, for errors and/or omissions and any consequences arising either directly or indirectly from the use of information provided by this website. Any data provided are strictly for guidance and planning purposes only and may not be applicable due to ever changing market dynamics.

    Richmond Housing Report For February, 2015

    March 17, 2015

    Housing Report for Richmond, February 2015

    Data Source: Real Estate Board of Greater Vancouver

    Housing Type Active Listings February Sales Av. 3 mth No. Months Median Price
    Detached 605 164 134 4.53 $1,050,000
    Townhouse 295 94 83 3.55 $550,000
    Condominiums 925 115 138 6.70 $336,000
    Total Sales 1825 299 396 4.61 -

    Richmond housing sales
    Richmond condo salesHome sales in Richmond for February 2015 totaled 396 units were 38% increase from the previous month’s sales of 286 homes, and 17% higher than the 339 homes that were sold a year ago. There are more new listings expected to come onto the market the next 3 months.

    Total active listings for the month increased 9% compared to 1825 units compared to the previous months total of 1,670 listings. The spring housing market for Richmond appeared to be on steady ground to maintain or improve as buyers appear to have an active presence in the market. View Richmond homes for sale here.

    The months of inventory (MOI) for the 3 housing types in Richmond in February at 4.61 months is showing a healthy balance with the only condo market facing some pricing pressure due to slightly elevated supply of resale condos. Resale condo sellers have to compete with presale new condos in the market.

    Richmond housing market outlook

    Other than condos being under pressure to compete for buyers, townhouse sellers in Richmond are having a relatively good market to work with when there are just over 3 months of inventory. Detached homes in Richmond with just around 3.88 months of supply, are considered bullish for home sellers compared to around 7 months of supply at the beginning of 2014.

    Older homes with large lots over 7,500 sq ft in the westside of Richmond continued to enjoy good buying support from new home builders and investors. These homes with large lots are bought by new home builders to be turned into new houses. Some investors are buying these homes as rental properties.  

    The current statistics for Richmond detached homes are:

  • Single family detached homes for sale - 613 homes, averaging 132 sales a month - around 4.7 months of supply.
  • 114 (19%) of these homes are under $1,000,000, selling around 53 homes a month - 2.2 months of supply.
  • 223 (36%) homes are between $1.0 to $1.5 million, with average sales of 46 homes a month - 4.8 months of supply.
  • 278 (45%) homes are over $1,500,000 with average sales of 34 homes a month - 8.2 months of supply.
  •  

    For more information on Richmond real estate, you are welcome to contact James Wong at 604-721-4817 or email James.

    months of inventory (MOI) is a ratio based on total supply against the average 3 months sale. A ratio of 6 MOI is considered a “market in balance”. A ratio much higher than 6 will result in home prices under pressure to go lower and a ratio much under 6 will result in home prices under pressure to go up.

    Disclaimer: The writer assumes no liability whatsoever, for errors and/or omissions and any consequences arising either directly or indirectly from the use of information provided by this website. Any data provided are strictly for guidance and planning purposes only and may not be applicable due to ever changing market dynamics.

    Return to homepage.

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