Community SnapShot Series – Richmond

Day Five – Richmond

This is the third of seven installments where we visit seven communities – part of the Vancouver Real Estate market. The seven communities reviewed are Coquitlam, Burnaby, Vancouver East, Vancouver West, North Vancouver, West Vancouver and Richmond.

Today, we look at Richmond detached market.

p>During the two periods July 26, 2010 to August 25, 2010 and August 26, 2010 to September 25, 2010, detached properties in the Richmond community had these results.

Listings

Total Listings decreased from Jul/Aug’s 776 to Aug/Sept’s 739.

Sales

Sales hit a bump on its way down from Jul/Aug’s 118 to 74 in Aug/Sept.

Expired, Reductions, Increases, Days on Market

  • Jul/Aug’s had 66 listing mandates expire increasing to 73 in Aug/Sept.
  • Price reductions in Jul/Aug were 163 increasing to 167 in Aug/Sept.
  • There were 24 price increases in Jul/Aug and 27 in Aug/Sept.
  • It took 46 days to sell a home in Jul/Aug. It took longer as DOM increased to 50 in Aug/Sept.

Average and Median Prices

  • Jul/Aug’s Average Ask price was $1,003,798. The average decreased in Aug/Sept to $982,552.
  • The Median Ask price in Jul/Aug was $869,000. This dropped to $840,000 in Aug/Sept.
  • The Average Sold price in the Jul/Aug’s was $961,536. In Aug/Sept this dropped to $945,461.
  • The Median Sold price in Jul/Aug’s was $840,000. In Aug/Sept the Median Sold dropped to $816,250.

Looking Ahead

In the August/September period Richmond B.C.’s detached real estate market hasn’t left sellers a lot to write home about. The dark cloud of the continuing slump in sales and a painfully slow decrease in price levels must leave these sellers to wonder what is next?

Although we won’t be booking tickets for the plane in the picture, tomorrow we cross to the other side of our fair city and review the North Vancouver detached real estate market.

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:

fish10 Says:
September 27th, 2010 at 9:23 am

Larry- difference between average ask and average sold is $37K.

No chump change. Now I know that averages can be skewed by one or two readings, but that is still notable.

Similar drop in the median ask/sold.

Andy Xie, a very respected China analyst, says China’s RE bubble starting to deflate.

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