Richmond – High But Low

Community Series Richmond

Day three of our Vancouver Community Snapshot series takes us to the Richmond B.C.

Our view of the detached market in Richmond is for periods – September 24,2010 – October 23,/2010 and October 24, 2010 – November 23, 2010.

Listings

Total Listings decreased by 88 from Sept/Oct’s 678 to Oct/Nov’s 590.

Sales

As with the Coquitlam and Burnaby, sales in Richmond declined in these two periods from Sept/Oct’s 153 to Oct/Nov’s 98.

Expired, Reductions, Increases, Days on Market

  • Sept/Oct’s had 74 listings expire. That dropped to 41 in Oct/Nov.
  • Price reductions in Sept/Oct’s totalled 135 slowing to 100 in Oct/Nov.
  • The total number of price increase were the same in both periods.
  • The number of days it took to sell a home in Sept/Oct was 58. This was reduced by 10 to 48 days in Oct/Nov.

Average and Median Prices

  • Sept/Oct’s the Average Ask price was $1,005,693. The average climbed to 1,018,209 in Oct/Nov.
  • The Median Ask price in this Sept/Oct snapshot was $875,000. The Median Ask dropped to $858,000 in Oct/Nov.
  • The Average Sold price in the Sept/Oct was $968,049. In Oct/Nov this increased to $983,951.
  • The Median Sold price in Sept/Oct settled at $853,000. In Oct/Nov the Median Sold price dropped to $830,000.

Thoughts

Notable is that the average price was up but not much when viewed as a percentage. In contrast, the more realistic measure of the market, the median ask and sold, declined in both periods. Perhaps this measure represents the true direction of the Richmond detached market. As we are about to enter the traditional annual holiday low period we may not see anything exciting till January 2011.

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:

John1 Says:
November 26th, 2010 at 1:39 pm

Hey Larry – Great pic of “old Richmond”… Here’s another that you might like of No. 3 Road (when Richmond Centre and Richmond Square were 2 separate malls).

http://www.richmond.ca/asp2/archivesSearch/Images.aspx?ID=2980

Minoru/No.3 Road are the main roads in the photo going North/South, with Granville being the first street in the photo going East/West.

How things change in 20 years…

John1 Says:
November 26th, 2010 at 1:50 pm

Oops, that picture might be around 30 years old actually..

November 26th, 2010 at 3:19 pm

@John1
hmmm – I guess I inadvertantly went in a back door and came up with the ‘item number’ 1977 1 98 which is the big picture which does not show the correct link. Regardless the picture according to archives is 1948.

I remember driving down No2 road and all there was were strawberry fields. Yummy! Not anymore.

anon Says:
November 27th, 2010 at 6:02 pm

I heard that the land in Hamilton is even more prone to flooding than that in the rest of Richmond, and that the land is softer in general.. Does anyone know if this is the case?

November 28th, 2010 at 9:10 am

@anon
you may need to visit Richmond city hall for that information.

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