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April Richmond Housing Report
May 15, 2017

Richmond Housing Report For April 

Source: REBGV

sale list ratio

The sales for Richmond's detached homes for April 2017 improved further compared to the previous month. The sale to list ratio for detached homes edged up above 20%, to cross into the Seller Market, joining townhouses and condos in the Seller Market territory.

The median home price for Richmond edged up to around $1.6 million from $1.47 million. The decline in detached home prices since the middle of 2016 appeared to be arrested with the gain in April's median price. 

The median price for Richmond townhouses continued to climb after 3 months declined in the median price around the September and October period. Buying interest remain high for Richmond townhouses at current median price around $750,000. 

Richmond condos remain the most active market segment with multiple offers for most newly listed condos. There is a real shortage of condo listings to satisfy the high demand for condos in Richmond. There are no signs of the situation for Richmond's supply of resale condos surging to satisfy the high demand for condos for the next few months. 

 

For more info about Richmond's housing market, kindly contact James Wong at 604-721-4817.

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Richmond Housing Report
March 2, 2017

Richmond January Housing Report

The housing market activities in Richmond slowed considerably since late September, 2016 and the sale pace for single family detached homes showed a significant drop in buying activities. However, detached home prices didn't show much downward price decline although the sales to active ratio remained in Buyer's Market for 6 months. 

>> You can find Richmond detached homes for sale using this link. 

jan sales

Both townhouses and condos enjoyed elevated prices which showed a significant jump in their average selling prices since early 2016. Most 3-bedroom townhomes within the 3 to 15 years age range are selling from $650,000 to $800,000 range for the larger units with over 1,400 sq ft living areas.

Richmond condos continued to receive a lot of buying interest and resale 2-bedroom condos between 3 to 10 years are now selling from $450,000 to $800,000 for the newer concrete condos around the City Center of Richmond.

If you like to have more info on any of the homes for sale, or like to have a discussion on your real estate needs, you are welcome to contact me (James) at 604-721-4817.

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Richmond Real Estate - April Housing Report
May 27, 2016

Richmond Real Estate And Housing Sales Report - April, 2016

Richmond active listings continued to lack behind in supply especially townhouses.  The days on market for Townhouses, single family detached homes and condos were reported to be 10, 18 and 38 days respectively.

All the three housing types are in Seller's Market, especially for for townhouses and single family homes in Richmond. 

richmond april housing stats

Sales-to-Active Ratio

Both townhouses and single family detached homes in Richmond had been in Seller Markets since early 2015. Buyer interest for these two groups of homes picked up strength in October 2015 and home sellers were getting multiple offers for their homes within days of their homes being listed for sale.  

Home prices for townhouses and detached homes in Richmond jumped significantly as a result of strong buying interest from home buyers. 

sales to active ratio

Richmond Benchmark Price

The price lines for detached homes in Richmond had deviated far above the trend line by 50%. There is a high likelihood of substantial price adjustment to the trend line level. For home sellers, selling now appear to be a prudent decision to capitalize on the great price they can get in today's market.

The townhouse situation is less critical as the price above the trend line appeared to be just around 10%. The strong buying interest for detached homes and townhouses and low supply of inventory may not continue un-interrupted. A sudden pullback in buyer interest if compounded by a reversal in the supply of homes would ease demand.

The condo market is relatively stable. Price gain in the condo market was noticeable for presale condos and recently completed new condos. Condos under 5 years were found to be the most sought after segment of the condo market.  

hpi price trend

Keeping Track Of The Market

We will report back on the market situation for Richmond real estate. We hope you will find the info posted here useful and beneficial. If you have any questions, kindly contact James Wong at 604-721-4817.

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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.

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Hot Vancouver and Surrey Housing Market
March 19, 2016

Hot Housing Market Every Where!

sell video

The red hot housing market around the major metro Vancouver markets like Vancouver, Burnaby and Richmond has now spread to the suburbs and neighboring municipalities like Coquitlam, Surrey, LAngely and as far as Abbotsford and Mission.

Detached home prices in cities within  20 to 30 minutes drive to downtown Vancouver are selling well over $1.2 million. Most entry level older homes were sold for their lot values as holding properties or eventually get torn down to be replaced by new homes.

Tri-Cities and Fraser Valley Homes 

Homes that were sold 2 years ago at $500,000 to $600,000 in these areas are now routinely soldl for $800,000 or more. It is increasingly difficult to find single family homes selling at $500,000 or less.

The video to the left about riding the housing roller coaster; going up and coming down is a warning to the danger of a housing crash. When this will happen is any body's guess.

Since the 12% or so drop in 2007 as a result of the credit crunch, the housing market for Vancouver has gained in value for the past 9 years.

Multi-family Townhouses and Condos   

New townhouses and condos have been selling like hot cakes lately. There was a noticeable jump in townhome prices between 10% to 20%. Similarly, new condos in hot areas were seeing an increase of 10% or more.

Is it time to sell?

The market is unsustainable at current price level. It is time to seriously consider the risk of a sudden decline in home prices. 

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Richmond September Housing Report
October 13, 2015

Richmond Housing Market Report - September, 2015

Richmond continued to favour home sellers, fueling the demand for single-family detached homes and townhouses. After many months remaining in a balanced market, Richmond condos in September moved higher and it is poised to reach out for to gain ground.  

 

richmond


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Richmond Seafair West Townhouses
September 7, 2015

Seafair West - 3088 Francis Rd, Richmond

seafair westSeafair West is located on Francis Road at Seafair Drive. It is a Talisman Homes Ltd development just off the West Richmond Dyke Trails. It was designed for lifestyle living like a waterfront resort.  "Seafair West" was awarded the Silver Georgie Award for its design.

The townhouse complex is consisted of 98 townhomes and 12 single family homes which are not part of the Seafair West strata plan. View townhomes for sale at Seafair neighborhood.


Most of the townhouses at Seafair West оverlook a beautifully landscaped garden with water features, built-in vacuum, private fenced yard, attached double garage, clubhouse, gas fireplace.


Seafair West is beautifully landscaped, including exceptional water features, radiant floor heating and a club house/amenity room. Living at Seafair West means you can enjoy the proximity to Richmond's West Dyke Trials where you can enjoy the sunsets, or go for a walk or ride your bike to Steveston or Terra Nova, and seasonal migrations of shore birds. 


Seafair West is only a short distance away from Seafair shopping mall, West Richmond Community Center, Alfred B Dixon Elementary, James Gilmore Elementary, Hugh Boyd Parkand Quilchena Golf and Country Club. 

 

"Seafair West" is truly one of Richmond's most desired communities.  For more information on “Seafair West" please contact James Wong at 604-721-4817 today.

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