Richmond Housing Report For January, 2015

March 17, 2015

Housing Report for Richmond, January 2015

Data Source: Real Estate Board of Greater Vancouver

Housing Type Active Listings January Sales Av. 3 mth No. Months Median Price
Detached 585 118 118 4.96 $1,090,000
Townhouse 275 66 72 3.82 $549,000
Condominiums 810 102 114 7.11 $339,500
Total Sales 1670 299 303 5.51

Richmond housing sales chart
Richmond condo salesHome sales in Richmond for January, 2015 totaled 286 units were lower by 4% compared to the previous month’s sales of 299 homes, but still 8% higher than the 264 homes that were sold a year ago. Seasonally, more listings are expected to come on the market the next 3 months.

Total active listings for the month increased 5% to 1,670 listings compared to the previous month’s active listings at 1,595. January as expected was reversing the tight supply of single family detached homes and townhouses in Richmond slightly. On the other hand, condo listing inventory was about the same as the previous month.View Richmond homes for sale here.

The months of inventory (MOI) for the 3 housing types in Richmond in January changed from 4.65 the month before to 5.51 months of supply. Both single family detached homes and townhouses in Richmond were still considered tight; with detached homes showing a MOI of 4.96, while and townhouses were showing 3.82 months of supply. The resale condo market in Richmond remained the weakest with supply of resale condos at 7.11 months of inventory.

Richmond housing market outlook

Other than condos being under pressure to compete for buyers, townhouse and detached home sellers in Richmond are having a relatively good market when their supplies and demands are at 3.82 and 4.96 months respectively.

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.  

 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.

Richmond Housing Report For December 2014

January 22, 2015

Housing Report for Richmond, December 2014

Data Source: Real Estate Board of Greater Vancouver

Housing Type Active Listings December Sales Av. 3 mth No. Months Median Price
Detached 520 107 134 3.88 $1,050,000
Townhouse 265 77 83 3.19 $541,800
Condominiums 810 115 115 7.04 $343,500
Total Sales 1595 299 343 4.65

Richmond detached homesRichmond townhomesRichmond condos apartments
Home sales in Richmond for December, 2014 totaled 299 units were lower by 9% compared to the previous month’s sales of 328 homes, but still 20% higher than the 244 homes that were sold a year ago. Seasonally, there are more listings expected to come on the market the next 2 months.

Total active listings for the month dropped significantly by 19% to 1,595 listings compared to the previous month’s active listings at 1,960. December could be the turning point for a reversal of the tight supply of single family detached homes and townhouses in Richmond. View Richmond homes for sale here.

The months of inventory (MOI) for the 3 housing types in Richmond in December dropped further from 5.27 the month before to 4.65 months of supply. Both single family detached homes and townhouses in Richmond have limited supply of homes; with detached homes showing 3.88, while and townhouses were showing 3.19 months of supply. The resale condo market in Richmond remained the weakest with supply of resale condos at 7.04 months of inventory.

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 – 544 homes, averaging 170 sales a month – around 3.2 months of supply.
  • 124 (23%) of these homes are under $1,000,000, selling around 72 homes a month – 1.7 months of supply.
  • 183 (34%) homes are between $1.0 to $1.5 million, with average sales of 58 homes a month – 3.2 months of supply.
  • 240 (45%) homes are over $1,500,000 with average sales of 42 homes a month – 5.7 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.

    Richmond Housing Report For November 2014

    December 15, 2014

    Housing Report for Richmond, November 2014

    Data Source: Real Estate Board of Greater Vancouver

    Housing Type Active Listings November Sales Av. 3 mth No. Months Median Price
    Detached 615 129 149 4.12 $1,086,000
    Townhouse 350 73 95 3.68 $532,000
    Condominiums 995 126 128 7.77 $350,000
    Total Sales 1960 328 372 5.27

    Richmond Detached homesRichmond townhousesRichmond condosHome sales in Richmond for November, 2014 totaled 328 units were 19% lower than the previous month’s sales of 403 homes, but 14% higher than the 288 homes that were sold a year ago. The next 2 months sales are expected to trend lower as December and January months are seasonally the slowest months for home sales.

    Total active listings for the month dropped another 5% to 1,960 listings compared to the month before at 2,070 active listings. View Richmond homes for sale here.

    The months of inventory (MOI) for the 3 housing types in Richmond dropped further from 5.39 the month before to 5.27 months of supply. Both single family detached homes and townhouses in Richmond are now in seller market territory, with detached homes showing 4.12 and townhouses showing 3.68 months of supply. The resale condo market in Richmond remained the weakest with supply of home at 7.77 months of inventory.

    Richmond housing market outlook

    Other than condos being under pressure to compete for buyers, the market outlook for townhouses in Richmond has moved to a buyer market with just 3.68 months of inventory. Detached homes in Richmond, currently at 4.12 months of supply, has also turned in favour of home sellers compared to the much slower market (at 6.97 months of supply) at the beginning of the 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 – 585 homes, averaging 139 sales a month – around 4.2 months of supply.
  • 131 (22%) of these homes are under $1,000,000, selling around 61 homes a month – 2.1 months of supply.
  • 193 (33%) homes are between $1.0 to $1.5 million, with average sales of 47 homes a month – 4.1 months of supply.
  • 261 (45%) homes are over $1,500,000 with average sales of 33 homes a month – 7.9 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.

    Richmond Housing Report For October, 2014

    December 14, 2014

    Housing Report for Richmond, October 2014

    Data Source: Real Estate Board of Greater Vancouver

    Housing Type Active Listings October Sales Av. 3 mth No. Months Median Price
    Detached 710 165 149 4.74 $1,095,000
    Townhouse 355 99 107 3.31 $545,000
    Condominiums 1005 139 126 7.98 $345,000
    Total Sales 2070 403 384 5.39

    Richmond detached homesRichmond townhousesRichmond condos

    Home sales in Richmond for October, 2014 totaled 403 units were 5% higher than the previous month’s sales of 385 homes, and 17% higher than the 324 homes sold a year ago. With the weather getting cold and wet, the next 3 months sales is expected to trend lower. Total active listings for the month was lower by 9.5% from 2,285 to 2070 listings. View Richmond homes for sale here.

    The supply and demand for homes in Richmond as measured by the months of inventory (MOI) tightened to 5.39 from 5.89 a month ago. The supply of townhouses continued to tightened. Townhouses that are priced accordingly were selling quickly.

    Detached homes in Richmond under $1,000,000 continued to enjoyed good demand from home buyers. The resale condo market in Richmond remained under pressure with high inventory and moderate demand. The MOI for resale condos in Richmond was close to 8 months supply.

    Richmond housing market outlook

    The overall housing market outlook in Richmond is healthy with shortage of townhouses. The resale condo market will continue to experience pricing pressure due to elevated supply of resale condos, and over-hang of new presale condos in the area. For single family detached homes, the market has limited supply for homes under $1,000,000. Home buyers have limited inventory to work with as the supply is very tight – just 2.6 months of inventory.

    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 investors as holding properties, or new home builders who are keeping inventories of building lots to hold or to build new homes on the lots.  

    The current statistics for Richmond detached homes are:

  • Single family detached homes for sale – 667 homes, averaging 147 sales a month – around 4.5 months of supply.
  • 162 (24%) of these homes are under $1,000,000, selling around 62 homes a month – 2.6 months of supply.
  • 210 (31%) homes are between $1.0 to $1.5 million, with average sales of 49 homes a month – 4.2 months of supply.
  • 298 (44%) homes are over $1,500,000 with average sales of 38 homes a month – 7.9 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.

    Richmond Housing Report For September, 2014

    October 24, 2014

    Housing Report for Richmond, September 2014

    Data Source: Real Estate Board of Greater Vancouver

    Housing Type Active Listings September Sales Av. 3 mth No. Months Median Price
    Detached 805 152 147 5.47 $1,070,000
    Townhouse 395 114 107 3.69 $555,000
    Condominiums 1085 119 130 8.38 $365,000
    Total Sales 2285 385 382 5.98

    Richmond detached Richmond TownouseRichmond condoHome sales in Richmond for September, 2014 totaled 385 units were 6% higher than the previous month’s sales of 364 homes, but 21% higher than the 318 homes sold a year ago. The next 3 months sales is expected to trend lower during the autumn and winter months. Total active listings for the month increased 2% from 2,235 to 2285 listings. View Richmond homes for sale here.

    The months of inventory (MOI) for the 3 housing types in Richmond went up slightly from 5.64 to 5.89 months of supply. Overall, the townhouses at MOI of 3.69 remained relatively tight in supply, while detached homes in Richmond under $1,000,000 continued to enjoyed good demand from home buyers. The resale condo market in Richmond worsen further from MOI of 7.33 8.38. Condo sellers continued to experience pricing pressure due to fairly high inventory. New condos are competing for buyers resulting in resale condos having to price their homes sharply to attract buyers.

    Richmond housing market outlook

    Other than condos being under pressure to compete for buyers, the supply and demand for townhouses in Richmond are healthy as the supply and demand at 3.69 MOI leaves little choices and selections for townhome buyers. Generally, detached homes MOI in Richmond at 5.1 is a vast improvement compared to the beginning of the year at 6.97. Richmond detached homes under $1,000,000 at MOI of 2.88 is consider bullish for home sellers.

    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 – 752 homes, averaging 148 sales a month – around 5.1 months of supply.
  • 193 (26%) of these homes are under $1,000,000, selling around 67 homes a month – 2.88 months of supply.
  • 228 (30%) homes are between $1.0 to $1.5 million, with average sales of 47 homes a month – 4.85 months of supply.
  • 334 (44%) homes are over $1,500,000 with average sales of 35 homes a month – 9.54 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.

    Richmond Housing Report For August, 2014

    September 20, 2014

    Housing Report for Richmond, August 2014

    Data Source: Real Estate Board of Greater Vancouver

    Housing Type Active Listings August Sales Av. 3 mth No. Months Median Price
    Detached 815 132 152 5.36 $1,155,000
    Townhouse 415 110 103 4.03 $551,000
    Condominiums 1005 122 137 7.33 $349,000
    Total Sales 2235 364 396 5.64

    Richmond detached homesRichmond townhomes
    Richmond condos

    Home sales in Richmond for August, 2014 totaled 364 units were 12% lower than the previous month’s sales of 406 homes, but 7% higher than the 339 homes sold a year ago. August registered a second month decline in sales from the peak sales of 420 homes recorded in June, 2014. The sales in next 3 months may continue to trend lower during the autumn and winter months. Total active listings eased lower from the month before at 2,370 listings to 2,235 listings which was about 6% lower. View Richmond homes for sale here.

    The months of inventory (MOI) for the 3 housing types in Richmond improved slightly from 5.78 to 5.64 months of supply. Overall, the townhouses remained relatively tight in supply, while detached homes in Richmond under $1,000,000 continued to enjoyed good demand from home buyers. The resale condo market in Richmond with MOI of 7.33 continued to experience pricing pressure due to fairly high inventory. And, this is not counting new condos that are available as presale condos in Richmond. Sellers for resale condos have to adjust their selling prices to attract buyers.

    Richmond housing market outlook

    Other than condos being under pressure to compete for buyers, the supply and demand for townhouses in Richmond are healthy when the market has just about 4.03 months supply of townhomes. The demand for detached homes over $1.5 million is weak with MOI showing 12 months of supply. But, it is a vast improvement compared to the past 2 months around 15.5 months of supply.

    The most active market for detached homes in Richmond are homes under $1,000,000. 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 housing stock, or investors buying and holding them as rental properties.  

    The current statistics for Richmond detached homes are:

  • Single family detached homes for sale – 815 homes, averaging 150 sales a month – around 5.4 months of supply.
  • 222 (27%) of these homes are under $1,000,000, selling around 69 homes a month – 3.2 months of supply.
  • 246 (30%) homes are between $1.0 to $1.5 million, with average sales of 48 homes a month – 5.1 months of supply.
  • 350 (43%) homes are over $1,500,000 with average sales of 34 homes a month – 10.3 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.

    Richmond Housing Report For July, 2014

    August 25, 2014

    Housing Report for Richmond, July 2014

    Data Source: Real Estate Board of Greater Vancouver

    Housing Type Active Listings July Sales Av. 3 mth No. Months Median Price
    Detached 915 159 161 5.68 $1,035,000
    Townhouse 450 97 102 4.41 $532,800
    Condominiums 1005 150 146 6.88 $356,45
    Total Sales 2370 406 410 5.78

    Richmond detached homesRichmond townhomesRichmond condos

    Home sales in Richmond for July, 2014 totaled 406 units were 3% lower than the previous month’s sales of 420 homes, and at just one home higher than the 405 units sold a year ago. The past 3 months sales signaled the market peaking for the year, and seasonally, a gradual reduction in sales can be expected the next 3 months. Total active listings appeared to have plateaued just under 2,400 homes. View Richmond homes for sale here.

    The months of inventory (MOI) for the 3 housing types in Richmond improved slightly from 6.13 to 5.78 months of supply. Detached homes in Richmond under $1,000,000 fared very well with just 3.1 months supply of homes, while those under $1,200,000 showed  months of supply.

    The market for resale condos in Richmond continued to experience pricing pressure with MOI of 6.88 months of supply at the end of June. And, this is not counting new condos that are available as presale condos in Richmond. Sellers for resale condos have to adjust their selling prices to attract buyers.

    Richmond housing market outlook

    Other than condos being under pressure to compete for buyers, the supply and demand for townhouses in Richmond are healthy when the market has just about 4.40 months supply of townhomes. The demand for detached homes over $1.5 million is weak with MOI showing 12 months of supply. But, it is a vast improvement compared to the past 2 months around 15.5 months of supply.

    The most active market for detached homes in Richmond are homes under $1,000,000 and older homes with large lots over 7,500 sq ft. These homes with large lots are bought by new home builders and investors who are prepared to hold the homes as rental properties.  

    The current statistics for Richmond detached homes are:

  • Single family detached homes for sale – 877 homes, averaging 155 sales a month – around 5.7 months of supply.
  • 241 (27%) of these homes are under $1,000,000, selling around 78 homes a month – 3.1 months of supply.
  • 269 (31%) homes are between $1.0 to $1.5 million, with average sales of 47 homes a month – 5.7 months of supply.
  • 372 (42%) homes are over $1,500,000 with average sales of 31 homes a month – 12.0 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.

    Richmond Housing Report For June, 2014

    July 19, 2014

    Housing Report for Richmond, June 2014

    Data Source: Real Estate Board of Greater Vancouver

    Housing Type Active Listings June Sales Av. 3 mth No. Months Median Price
    Detached 870 166 151 5.76 $1,027,000
    Townhouse 443 113 99 4.47 $538,000
    Condominiums 1052 141 135 7.79 $372,000
    Total Sales 2365 420 386 6.11

    Richmond detached homesRichmond townhouses Richmond condos

    Home sales in Richmond for June, 2014 totaled 420 units were higher by 4% compared to the previous month’s sales of 404 homes, and 36% jump from the 308 homes sold a year ago. The increase in sales was moderately matching closely the increase in active listings. Total active listings for Richmond at the end of June at 2,365 units was just 2% higher than the previous month, and 4% higher than a year ago. View Richmond homes for sale here.

    The months of inventory (MOI) for the 3 housing types in Richmond improved slightly from 6.52 to 6.13 months of supply. Detached homes in Richmond under $1,000,000 fared very well with just 3.1 months supply of homes.

    The market for condos in Richmond continued to experience pricing pressure with MOI of 7.79 months of supply at the end of June. When the non-listed inventory of new presale condos are factored into total condos available for sale, resale condo sellers have to compete for buyers.

    Richmond housing market outlook

    Other than the condo market which is under pressure to compete for buyers, the supply and demand for townhouses in Richmond is healthy and townhome sellers enjoy less competition when the market has just 4.47 months of supply. The demand for detached homes over $1.5 million is weak with MOI showing 15.4 months of supply.

    The most active market for detached homes in Richmond are homes under $800,000 and older homes with large lots over 7,500 sq ft. These homes with large lots are bought by new home builders and investors who are prepared to hold the homes as rental properties.  

    The current statistics for Richmond detached homes are:

  • Single family detached homes for sale – 913 homes, averaging 148 sales a month – around 6.2 months of supply.
  • 243 (27%) of these homes are under $1,000,000, selling around 78 homes a month – 3.1 months of supply.
  • 290 (32%) homes are between $1.0 to $1.5 million, with average sales of 46 homes a month – 6.3 months of supply.
  • 384 (42%) homes are over $1,500,000 with average sales of 25 homes a month – 15.4 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.

    Richmond Housing Report For May, 2014

    June 17, 2014

    Housing Report for Richmond, May 2014

    Data Source: Real Estate Board of Greater Vancouver

    Housing Type Active Listings May Sales Av. 3 mth No. Months Median Price
    Detached 825 160 141 5.85 $970,000
    Townhouse 445 96 87 5.11 $539,900
    Condominiums 1050 148 128 8.20 $390,000
    Total Sales 2320 404 356 6.52

    Richmond detachedRichmond townhomes Richmond condosHome sales in Richmond for May, 2014 totaled 404 units were about 21% higher than home sales recorded a month ago, and 8% higher than a year ago. The increase in sales as expected, was at a pace that keep the market moderately active. The increase in listings to 2,320 units was a 5% gain compared to the previous month and 4% higher than a year ago. View Richmond homes for sale here.

    The months of inventory (MOI) for the 3 housing types in Richmond were at about the sale levels as the month before. The overall May MOI at 6.52 was a slight improvement compared to 6.82 in April. Detached homes in Richmond under $1,000,000 fared very well with just 3.1 months supply of homes.

    The market for condos in Richmond is under pressure with MOI for condos at the end of May at 8.2 months of supply. Condo sellers who are motivated to sell will have to price their homes well to attract home buyers.

    Richmond housing market outlook

    Other than the condo market which is experiencing more homes competing for buyers, the supply and demand for townhouses in Richmond is healthy, holding at 5.11 months of supply. The demand for detached homes over $1.5 million is weak with MOI showing 15.6 months of supply. Many of these home sellers are holding on to their prices, while not many buyers are in a hurry to buy.

    Detached homes in Richmond under $1,000,000 are selling well. There are good demand by new home builders for older homes with lot sizes over 8,000 sq ft especially when such homes are priced under $1,200,000. 

    The current statistics for Richmond detached homes are:

  • Single family detached homes for sale – 884 homes, averaging 145 sales a month – around 6.1 months of supply.
  • 241 (27%) of these homes are under $1,000,000, selling around 79 homes a month – 3.1 months of supply.
  • 272 (31%) homes are between $1.o to $1.5 million, with average sales of 43 homes a month – 6.3 months of supply.
  • 375 (42%) homes are over $1,500,000 with average sales of 24 homes a month – 15.6 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.

    Richmond Housing Report For April, 2014

    May 18, 2014

    Housing Report for Richmond, April 2014

    Data Source: Real Estate Board of Greater Vancouver

    Housing Type Active Listings April Sales Av. 3 mth No. Months Median Price
    Detached 810 129 136 5.96 $998,000
    Townhouse 405 89 81 5.00 $520,000
    Condominiums 995 116 117 8.50 $326,000
    Total Sales 2210 334 334 6.62

    Richmond detached homesRichmond townhouses Richmond condos

    Home sales in Richmond for April, 2014 totaled 334 units were about 2% higher than home sales recorded a month ago. In spite of better weather conditions, the high expectation of improved sales, the increase was a disappointment to many people in the real estate industry. There was a net increase of 120 more homes compared to the month before, pushing active listings from 2,090 the previous month to 2,210 at the end pf April. The active listings for the month was just 1% lower than a year ago at this time with 2,225 homes listed for sale. View Richmond homes for sale here.

    The months of inventory (MOI) for the 3 housing types in Richmond were at about the sale levels as the month before. The overall April MOI at 6.82 was a slight increase compared to 6.74 in March. The detached homes segment under $1,000,000 fared much better, with just 3.8 months supply of homes. The market for condos in Richmond is under pressure, and condo sellers had to compete for buyers as there was far more supply than demand. The MOI for condos at the end of April remained high at 8.5 months of supply. The lower than expected spring sales is pointing to average activities. With no major changes in interest rates, and external economic events, the balance of 2014 could follow sales recorded in 2013.

    Richmond housing market outlook

    Other than the condo market which is experiencing more homes competing for buyers, the supply and demand for townhouses in Richmond is healthy holding at 5.0 months of supply. The demand for detached homes over $1.5 million is weak. There are far more sellers than buyers currently, with the supply of homes over $1.5 million showing 14.8 months of sully. Not many home sellers are slashing their prices, and many are holding on to their prices, hoping to sell their homes to buyers who are willing to meet their prices.

     Detached homes in Richmond under $1,000,000 are in  demand, with MOI of 3.8 months. Older homes with good lots over 8,000 sq ft are in good demand as these homes are bought for by investors, with the hope of ripping future gains in property values. Home builders are actively buying such properties as they enjoy good profit margin if the new homes are successfully sold.

    The current statistics for Richmond detached homes are:

    • Single family detached homes for sale – 865 homes, averaging 136 sales a month – around 6.4 months of supply.
    • 262 (30%) of these homes are under $1,000,000, at a sale pace of 69 a month – 3.8 months of supply.
    • 254 (70%) homes are between $1.o to $1.5 million, with average sales of 44 homes a month – 5.8 months of supply.
    • 354 homes are over $1,500,000 with average sales of 24 homes a month – 14.8 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.

    « Previous PageNext Page »