Richmond Snapshot – Burning Money

Halloween in Richmond

If tradition holds with it’s predominant Chinese population, Halloween in Richmond has already passed.

According to Jackolanterns.net:

“In China, the Halloween festival is known as The Feast of the Hungry Ghosts. Bonfires and lanterns are lit to light the spirits path back to earth. The souls of the dead, particularly during the seventh lunar month, wander the earth in search of affection. They are known as the hungry ghosts because of their hunger for recognition and care. The spirits are offered joss sticks, food and gifts. The gifts, made of paper, represent objects with which they were familiar while on earth and are intended to make them feel at home. Paper money is burnt on their behalf, to pay for their expenses in the netherworld.”

Assuming this snapshot of the Richmond home market is an indicator of month end numbers, burning paper money on behalf of ghosts during the upcoming Canadian version of Halloween is probably not going to happen as there may be little money left to burn.

This Vancouver neighourhood snapshot of Richmond extends over the periods of August 24, to September 24, 2011 and September 24, to October 24, 2011.

Total Listings

A high number listings prevails in the Richmond market with Total Listings showing only a small decrease from 1,109 in Aug/Sept to 1,045 in the Sept/Oct period.

Homes Sold

Added to this is the ghostly number of sales which in Aug/Sept numbered 112 and then faded by half in Sept/Oct to 54.

Expired, Days on Market

  • Listing mandates held almost level with 96 expired mandates in Aug/Sept slowing to 90 in Sept/Oct.
  • Light from fire of burning money may have saved a few souls as the number of days it took to sell a home shortened from Aug/Sept’s 43 to Sept/Oct’s 38.

Richmond Detached Homes Average and Median Prices

  • Aug/Sept’s Average Ask price was $1,293,230. It might be that some ‘spirit gifts’ were deemed unacceptable as the average ask in Sept/Oct’s dropped to $1,188,186.
  • The Median Ask price in Aug/Sept was $1,048,500. Souls hungry for more than that offered took their toll in seeing the Median Ask decrease to $953,500 in Sept/Oct.
  • Aug/Sept’s Average Sold price was $1,217,944. Not finding sufficient ‘affection’ in the form of burning money, the soul’s of the dead may have cast a spell upon the Average Sold price which decreased to $1,139,667 in Sept/Oct.
  • The Median Sold price in Aug/Sept settled at $989,999. The spell cast on Average prices appears to have spread much like a Richmond fog as it blanketed Sept/Oct’s Median Sold price with a drop to $924,500.

Burning Money

The Total Value of Richmond’s detached home listings equates to a large stack of money. Even with the impetus of lost souls in the seventh month, Richmond remains uncertain in deciding what measures will bring recognition to those souls so as to heat up sales.

Sadly, none of these hungry ghosts are able to speak. If they could, you might wonder if their first words would be ‘Fire Sale.’

Photo Credit:

Photo Credit: Flickr – 3dom

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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:

Bubbleboy Says:
October 26th, 2011 at 9:44 pm

Ive said it all along that Rchmond is going to correct the most. Richmond had gains of %27 in 1 year! It’s alarming to see all those homes in Richmond that cost over a mil. The majority of West Rmd cost over 1 mil. HAM is the main reason for this and now that HAM have showed little interest, this party over.

vanpro Says:
October 26th, 2011 at 10:37 pm

Wow! Massive decline in sales to only 54 while inventory remains high at 1,045 – that’s a massive near 20 MOI (up from about 10 in the last 30 day period) – perhaps that’s why prices are way down this 30 days vs. last 30 days….

BubbleBoy Says:
October 27th, 2011 at 7:02 am

Larry,

With most of the burbs slowing down, why do you think people are still getting into bidding wars for Van East? I live in east van and there’s quite a bit of property crime.

October 27th, 2011 at 8:07 am

@bubbleboy

Proximity, facilities.

Re: Crime there are hot spots for sure but a little extra care vis a vis out door night lights, getting to know your neighbours and some extra attention to prevention might help.

stats don't lie Says:
October 28th, 2011 at 3:55 pm

D’oh – I just lost $100k by holding onto my “average” HAM house in Richmond!!!

(at least it wasn’t a condo)

Proespectiv buyer Says:
October 29th, 2011 at 10:51 am

Asking price is too high. Many asking prices are at leas 30% over BC assessment. Those priced below assessment are still hot.

Proespectiv buyer Says:
October 29th, 2011 at 10:58 am

V913240 is priced below assessment ($629000 vs $929300). MLS website does not have this house anymore. Maybe sold.

Best place on meth Says:
October 29th, 2011 at 2:25 pm

This time last year Richmond MOI was 7.7 and now it’s almost 20?

As much as I wish this were true I’m finding it a little odd.

BubbleBoy Says:
October 30th, 2011 at 1:34 am

@best place in meth,

When the monthly report is out, you can see the actual sales will be higher. It’s more like 12 moi. Which is still signaling a correction. How much is to be determined. I think by the spring, we should know if we are in a bubble or not. Many signs if a bubble but, you never know in a crazy unpredictable market.

Happy Halloween!!

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