Richmond’s Real Estate ‘Veggies’

Community CheckUp – Richmond

It’s another day for a community checkup.

Today we visit Richmond – that segment of the Vancouver Real Estate market that not too many years ago, comprised a great number of incredibly fertile garden farms that provided local inhabitants some of the best veggies in the lower mainland.

This Richmond CheckUp covers the period from July 24, 2011 to September 23, 2011.

Total Listings

The total number of listings decreased from 1072 in the Jul/Aug period to 1058 in the Aug/Sept period.

Homes Sold

As seen in yesterday’s Coquitlam CheckUp, the number of homes sold in Richmond declined from Jul/Aug’s 93 to Aug/Sept’s 70. Notable is the comparison of Richmond’s Active Listings which number 894 in relation to the number of sales. It is a very small percentage and one could conclude that it is as flat the land upon which Richmond sits.

Expired, Days on Market

  • 94 listing mandates expired in Aug/Sept – up from Jul/Aug’s 85.
  • More expired listings were greeted with a longer period to sell a home as Aug/Sept’s Average Days on market increased to 44 from Jul/Aug’s 42.

Richmond Detached Homes Average and Median Prices

  • Jul/Aug’s Average Ask price was $1,183,855. The average ask in Aug/Sept climbed to $1,358,094
  • The Median Ask price in this CheckUp was $1,088,000 in Jul/Aug. In contrast to the Average price the Median Ask decreased to $1,048,500 in Aug/Sept.
  • Jul/Aug’s Average Sold price was $1,141,606. The Average Sold increased in Aug/Sept to $1,264,817.
  • The Median Sold price in Jul/Aug settled at $1,020,000 which probably was a good time to harvest the Richmond real estate garden as the Median Sold dropped to $991,000 in Aug/Sept.

Basket of Veggies

Richmond’s detached total listings certainly fill a basket. It is probably safe to presume with these few sales, the Richmond veggie real estate basket will begin to show signs of decomposition.

Image Credit

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.

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*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 24th, 2011 at 7:11 pm

Must have been a few outliers at the top to pull the averages up and let the median drop.

Well Larry something is happening…lets see if that something continues or not.

Best place on meth Says:
September 25th, 2011 at 9:17 am

fish,

Just that one sale (18 acres) of $7 million pulled up the average by 80K all by itself.

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