Community Snapshot – Is Richmond in the Ditch?

In the Ditch

You can still find deep ditches in Richmond B.C. Looking at this, the third in a series of seven community real estate snapshots, you might draw a conclusion that Richmond’s detached homes have slid into one of them.

This snapshot of Richmond covers the periods that extend from January 24, to February 25, 2012 and from February 24, to March 25, 2012.

Total Listings

While total listings have subsided, it has been a negligible drop from 1,148 listings in the Jan/Feb period to 1,081 in Feb/Mar.

Homes Sold

You might think that sales of Detached homes in Richmond have fallen into one it’s famous ditches. From Jan/Feb’s 141 44% of the sales disappeared in Feb/Mar which by March 25 recorded only 63 homes sold.

Expired, Days on Market

  • Expired listing mandates increased almost as fast as a street race passing through the speed trap in Feb/Mar at 64 units compared to Jan/Feb’s 53.
  • The speed or number of days it took to sell a home in Richmond, did not change much as Jan/Feb recorded 47 days and Feb/Mar tallied up to 45.

Richmond Detached Homes Average and Median Prices

  • Jan/Feb’s Average Ask price was $1,195,605. Prices held for the most part as Feb/Mar registered 1,161,947.
  • The Median Ask price in Jan/Feb was $1,060,000. Brakes were applied to no avail as the Median Ask price in Feb/Mar skidded to $948,000.
  • Jan/Feb’s Average Sold price was $1,143,372. There were only a hint of tire marks on the street as Feb/Mar stopped at $1,106,360.
  • The Median Sold price in Jan/Feb was $1,038,880. All good numbers except that in Feb/Mar the Median sold price backed into a Median sold price of $920,000.

Driving Lessons

When a real estate market accelerates as fast as Richmond did last year you just know that brakes must eventually be applied before it skids into a ditch. It would seem from the lack of sales that foot pressure is on the Richmond real estate brake pedal.

Of course it may be too late to idly stand as did the gentlemen in the picture and figure out what happened. Invariably the conclusion could be simple – it may too late to keep the Richmond market from driving into one of its ditches.

Photo Credit

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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.

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:

Bubbleboy Says:
March 27th, 2012 at 10:23 pm

That’s why it’s known as “Ditchmond”. 15-20 years ago there were ditches on almost every street. Now home to the worlds biggest speculators, the Mainlanders and Hongers. A municipality that is now a small Asian city. Boy those Chinese put some big bucks into a big ditch.
Thanks for the stats Larry.

Tell Me Says:
March 27th, 2012 at 11:12 pm

I must say Larry, Ditchmond has some pretty serious ditches! I guess if they had actual sidewalks in the residential areas Richmond would be on more stable ground.

girlbear Says:
March 27th, 2012 at 11:18 pm

Thanks Larry. Great post!

Joe Q Says:
March 28th, 2012 at 8:32 am

Great posts – thank you for the information. Sharing with everyone I know.

The pace at which the crash seems to be accellerating is startling.

I appreciate your hard work.

Rob Says:
March 28th, 2012 at 12:03 pm

Don’t worry bulls…. Cam Good will just fire up more helicopters and ensure the bubble never pops. He’ll save us.

Vangrl Says:
March 28th, 2012 at 4:45 pm

Yikers…

But seriously, how stupid we’re you if you owned real estate in Richmond at this time last year and you didn’t
Sell??? Richmond will never again experience the hype of those 3 months in 2011, talk about looking a gift horse in the mouth….

ZRH2YVR Says:
March 29th, 2012 at 10:05 pm

Agree – Richmond is in the ditch. My parents are one of the lucky ones who got out just now in March 2012. Had only 3 people come by in 6 weeks on the market. They took a bit of a discount but after this sale, it’s serious cash in the bank. They are boomers and they are going to rent. The money in the bank will pay the rent and then more.

By the time this month is over, fewer than 110 units will sell and there will be almost 1000 on the market. Something has to give !!!!

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