Count Down – Day Two

Day 2 – Richmond

Five days remain in July. As we count down, this is the second in a series of six posts to give us an overview of market segments in Vancouver’s real estate leading up to end of the month accounting.

Each day the series will travel around Vancouver to explore all areas of Richmond -North,South,and East, Richmond, North Vancouver, West Vancouver, Vancouver East and Vancouver West. Our exploration will center on detached homes and their market performance during the same 30 day periods – May 25 to June 25 and June 25 to July 25.

Today we visit Richmond.

In the two periods May 25, 2010 to June 25, 2010 and June 25, 2010 to July 25, 2010, detached properties in the Richmond neighbourhoods had the following results.

Listings

Total Listings decreased units from May/June’s 910 to June/July’s 880.

Sales

Sales decreased from May/June’s 120 to 71 in June/July.

Expired, Reductions, Increases, Days on Market

  • May/June had 45 listing mandates expired and increased to 64 in June/July.
  • Price reductions in May/June were 186 decreasing to 177 in June/July.
  • There were 29 price increases in May/June and 24 in June/July.
  • It took an average of 36 days to sell a home in May/June increasing to 37 days in June/July.

Average and Median Prices

  • May/June’s Average Ask price was $1,019,147. This average increased in June/July to $1,033,666.
  • The Median Ask price in May/June was $848,000 increasing to $888,000 in June/July.
  • The Average Sold price in the May/June was $973,300. In June/July this increased to $996,985.
  • The Median Sold price in May/June was $827,000. In June/July this increased to $853,000.

Looking Ahead

Day 3 we will leave Richmond and travel to North Vancouver. Expect a change!

Photo Credit- Nawitka

About Larry Yatkowsky

Larry is a recognized real estate expert. A veteran professional, his experienced counsel leads Vancouverites in his west side community to place their trust in a man passionate about his work. Uncompromising ethics bring a balanced approach to realizing your real estate dreams.

When Life Moves You - contact Larry:

*Disclaimer: Statistics Courtesy REBGV. While believed to be accurate they are not guaranteed.
**Numbers provided may vary as they are dynamically posted by the REBGV.

Reader Comments:

E Says:
July 27th, 2010 at 7:12 am

Looking forward to North Vancouver numbers
tomorrow! Thanks for the count down Larry.

specialfx3000 Says:
July 27th, 2010 at 7:53 am

Boggles my mind that the average price in Richmond hovers near the million dollar mark.

vanpro Says:
July 27th, 2010 at 8:07 am

One consistency amongst all sub-markets – huge drop in sales in July. Sales in July, 2010 could be the lowest in 10 years – even lower than 2008, the infamous year of the credit crisis (and the previous downturn in the Vancouver market when the market stalled).

fish10 Says:
July 27th, 2010 at 1:29 pm

Thanks for the up-dates Larry.

We are truly in Alice’s Wonderland in Richmond.

Prices stable, even as MOI is moving up briskly from rapidly dropping sales.

I guess the sellers are holding firm and the buyers are too foolish to even bargain.

Roland Leung Says:
July 27th, 2010 at 5:34 pm

Bad day today for the bears. Sigh…

Just got from PaulB today’s sales/list is 150/180. Can’t believe that!!!

bully Says:
July 27th, 2010 at 5:55 pm

You guys are overlooking that since the April mortgage rules, FTB’s have been effectively shut out of market. Meaning high end are now a much higher percentage of sales. This skews average & medians prices up big time! Wait ’til the seasonal high end stuff (waterfront, etc) tapers off by Fall. Trust me sellers won’t even have to dress up to scare trick or treaters by Halloween after viewing price stats.

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