Housing Report For Richmond, April 2022
Total Home Sales Declining
The total number of homes sold for the month was showing a very clear sign of big decline in sales, especially for townhouses - down 45% and condos - down 46%, while detached homes sales were down 23%. Although the Sales-to-Active Ratios for townhouses and condos were still in the strong Seller Market, detached homes for Richmond had now declined into a Balanced Market. Click the respective links here to find detached homes, townhouses and condos for sale in Richmond.
The supply of homes for sales in Richmond is still very low - this had gone on for an extended period of time. Whether this will change to improve the supply of homes is yet to be seen. Higher home mortgage interest rates for sure had a dampending effect on home buyers sentiment. More buyers are easing off on their eagerness to buy for now. A few more months will likely provide more information on home buyers and sellers interests which will affect home sales and house prices.
Home Price Remained Positive
Year-over-year home prices in Richmond like anywhere else in the lower mainland of Vancouver and Fraser Valley, remained significantly higher than a year ago. Richmond detached homes, townhouses and condos were posting positive gains of 16%, 24% and 17% higher respectively compared to a year ago.
Outlook For Richmond Home Sales and Prices
The Sales-to-Active Ratios over the next few months are expected to trend lower if more buyers hold off their plans to buy and more supply of homes comes into the market. The current ratios for townhouses and condos at 45% and 50% respectively are still far off from the 20% upper limits of a Balance Market.
If you are planning to buy a home, holding off for another few months may offer you some opportunity to buy at a lower price level. If you are planning to sell your home, this may be the time to sell and cash out before the market becomes less favourable. Find out more information on the condos available for sale around the City Centre of Richmond.
Should you have any questions about the housing market in Richmond, or other cities in Greater Vancouver and Fraser Valley, you are welcome to contact me at 604-721-4817 (James Wong) or email me via my email link here for the latest hosuing market situation.