Richmond November Homes Sales
Richmond's November home sales suffered another month of double digit sales decline with detached homes and townhouses recording a drop of over one-third in saes compared to a year ago. Richmond Condos in November suffered the most, cutting the 2017 condo sales by more than a half from 190 to just 84 units. The HPI detached home price for Richmond continued to decline in price for November, posting $1,606,900 which was 7.2% lower than a year ago. Although townhouses and condos had now reached the lower band of a balanced market, they managed to post sales prices 4.3% and 4.9% higher than a year ago respectively.
Incresing Days On Market
Since the middle of 2017, buying interest for Richmond detached homes was visibly absence and demand drifted lower into a buyer market. The days on market figures for detached, townhouses and condos continued to move higher signifying dropping buyer interest and slowing housing demand. The average HPI price for detached homes continued its decline from its peak price of $1,770,000 in April, 2017. The November HPI price for Richmond detached homes was $1,606,000 which is 7.2% lower than a year ago.
Sales To Active Ratio Deteriorating
The sales-to-active ratios for both townhouses and condos are now approaching the lower bands of a balanced market. The continuation in the current tight lending standards imposed by Canadia Banks will depress sales activities and home prices. The current housing downturn is expected to last for some time before buying interest return to the market.