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The Richmond detached housing market proved a contradiction in October. Richmond was the only Metro municipality to report higher starts of detached houses, with 51. Yet Richmond also had among the lowest sales of detached houses in October, down 1.5% from October 2016 and,
at 65 sales, the lowest level in six months. New listings, remained fairly high, at 225, but the sales-to-new listing ratio fell to a low of 29%. Also, the benchmark house price, at $1.69 million, was unchanged from three months earlier.
This all signals a buyer’s market that smart buyers should take advantage of. The high detached housing starts and high listings reveal a deep confidence in the market, while the stable prices offer an opportunity, especially in higher-priced houses. New mortgage rules coming in January will restrict many buyers from purchasing at the price they want, so right now is a good time to be looking for the Richmond home of your dreams. Faith Wilson Group offers the exclusive Peace of Mind Guarantee for Buyers to ensure you can buy with confidence.
In October, Richmond’s townhouse sector moved slightly in favour of buyers: a good selection with 141 new listings; and stable prices, with the benchmark townhouse price down 0.1% from September to $800,000. Buyers were quick to react. Townhouse sales shot up 17.9% from a year earlier, to 79, and the typical new listing sold within a median of 12 days, the second-fastest pace this year.
Townhouse sales showed consistency in both geography and price in October. Sales were reported in 22 of the 25 Richmond neighbourhoods we monitor, and buyers were active in every price range from
under $500,000 (5 sales) to above $1.2 million (4 sales). Of course, some areas and prices were more popular than others. McLennan North dominated, with 23 townhouse sales at a benchmark $922,800. Second place by a wide margin was Brighouse South, where 7 townhouse sold at a benchmark price of $770,000. The most popular price for both sellers and buyers, meanwhile, was from $850,000 to $900,000, with 15 sales and a sales-to-new-listing ratio of 94%. Overall, a healthy market for both sellers and buyers.
The strong condominium sales that have defined Richmond over the previous two months slowed in October, but it is likely a short breather. In October, a respectable 150 sales were reported, a pace of five every day, which is robust by any measure. Sales were even with October 2016. Sofar this year, Richmond condo sales are up 3.3% when compared with the first 10 months of 2016, to 1,309 units.
We applaud the savvy bargain-hunter buyers who proved that Richmond continues to offer great value in the condominium apartment market. In October 28 buyers purchased a Richmond condo for less than $400,000 and three-dozen paid $450,000 or less. These prices are about $200,000 less than benchmark condo price in Greater Vancouver. And, knowing Richmond, many of these units would have been fairly new and in good location, since the city is known for the high calibre of its condo developers and the rapid pace of construction over the past eight years. There was also steady action at higher prices. More than half of the 48 condominiums newly listed for between $800,000 to $1 million sold, as did 50% of those priced north of $1.5 million.
We expect Richmond condo sales to rise over the final two months of this year. This is because more than 700 new condominiums have started construction and are now pre-selling, the BC government’s generous incentives for first-time buyers remain in place and, starting in January, new mortgage regulations will sideline some buyers. Right now, savvy buyers have a wide-open window of opportunity in the Richmond condominium market.
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