James Wong Richmond Realtor

Current Sales Activities

Richmond's real estate market activities over the past 3 months registered a rebounce in sales. The table below summarized the past 3 months (February 01, 2008 to April 30, 2009) sales of Richmond detached homes. The active listing figures posted were the number of homes listed for sale as of first week of May, 2008.

It is generally accepted that an absorption rate (list/sale ratio) around 6 months inventory represents a neutral or balanced market.

Market improving

Currently, homes below $600,000 were in demand and this could be attributed to these homes being more affordable. Higher sales activities the past 3 months for homes in the $800,001 to $1,000,000 range helped to keep the listing and sale ratio in balance. However, homes over 1.5 million are taking a much longer time to sell.

The latest housing market report for Richmond can be viewed here.

In a buyer's market like today, right pricing is critical to attact buyers. A list of million dollar homes available for sale in Richmond can be viewed here.

If you like to have more information on the current real estate market in Richmond, South Vancouver of Burnaby, kindly contact me at 604-721-4817 or email me.

More sales reported for Mrrch, 2009

There are some signs on the Richmond home prices stabalizing. Sales activities over the past few weeks definitely showed significant improvement as the REBGV's March sales data for Richmond picked up further with total sales improved 69% to 337 homes as compared to the previous month sale of 199 homes. On a year-over-year basis, this was a drop of 20% from the 427 homes sold the same month in 2008.

Home sellers and buyers are watching the market closely to see if the market will stabalize.

Will this be a pause before home prices continue going lower? The market remained fairly active with more deals being done these past few weeks.

More severe price decline for older homes

Overall, Richmond home prices dropped in the range of 12% to 15% from their peaks in late 2007. Seasonaly, each year's spring season from March to May is the most active months for real estate sale transactions. An analysis on the sales of older detached homes in Richmond showed that homes under $700,000 declined around 22% from their peaks.

The improvement in the past 2 months' sales helped to improve the supply / demand (list to sale) ratio greatly from 13 to around 9 months at the end of March, 2009. The market is now more balanced, and the slide in home prices may be stabilized for now. The low mortgage rates help to make homes more affordable now. However, many home buyers are finding it difficult to get financing from their banks. This could be due to more stringent under-writing by Canadian banks.

It is still a buyer's market

Whether home prices will hold at the present level, or subject to further price decline will depend on how the supply and demand of homes will play out over the next few months. Homes below $600,000 are in demand with just around 4.5 months supply of homes. The supply for homes above $600,000 is relatively high - at around 10 months supply, and million dollar homes take a much longer time to sell - 13 months supply. Weak sellers for these homes are likely to come under pressure to sell.

My take on the market

Selling pressure will continue to be experienced by home sellers. If more new listings come onto the market and the pace of home sales slow down in the coming months, home prices will continue to decline.

You can read the latest news on Greater Vancouver and Canadian housing reports here.

Use this link to view homes available for sale in Richmond.

Selling your home in 30 days or less in today's market needs careful planning and execution of your marketing plan. You have to understand the market and position your home as a "great deal" to home buyers.

Past sale information

The sales data for Richmond detached homes from Jan 01 to March 15, 2009 revealed some very interesting information. Out of 255 homes sold during this period, 64 homes or 25% of them were sold in 30 days or less!

These 64 homes were just 3% of the homes that were successfully sold.

If you want to sell your home in 30 days or less, you just have to follow the success stories of other home sellers.

Successful home selling system

All Richmond real estate success stories are centered on:

- Right pricing
- good preparation of your home
- superior execution of marketing plan

You can sell your home quickly... and at market price.

A decisive and aggressive pricing strategy will help to sell your home sooner. Find out how you can sell your home in 30 days or less

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Richmond townhouses for sale

Townhouses are more affordable than detached homes and offer larger living areas than condos to accommodate their families. Richmond townhouses range in built up areas from the smaller 1,200 to 2,000 square feet living. The selling prices for Richmond townhouses may be from $300,000 to $750,000, depending on the size, age and location.

A home owner who can afford to pay $500,000 to $650,000, will have little problem finding a larger and newer townhouse. You can view Richmond townhouses currently listed for sale here.

Most popular townhouse size and price range

Richmond townhouses that have 3 bedrooms with average living area between 1,450 to $1600 square feet are in great demand. Such units generally are priced between $390,000 to $450,000 for older units. Newer townhouses are now selling at higher price range between $500,000 to $650,000.

One of the most desirable Richmond neighborhoods known as Terra Nova has many townhomes between 6 to 15 years old listed for sale on the MLS.

You can view the historical and current price information for Terra Nova townhouses at 3711 Robson Court, 3880 Westminster Hwy, and 5988 Blanshard Drive.

Click here to view townhomes listed for sale in Terra Nova, Richmond.

Older Richmond townhouses

Some of the older Richmond townhouse complexes are in demand as these are two-level townhomes with more spacious open floor plans and play areas for young kids. These strata townhouse complexes also have more shrubs, trees and landscape yards. Some of the popular west Richmond townhouses are Timberwood Village, Mariners Village, Kingfisher Road, Tiffany Blvd, Minoru Blvd, Abercrombie Drive, etc.

If you are planning to buy or sell your townhouse in Richmond, you are welcome to contact me for a discussion, or email me.

Successful sale of your Richmond home in today's market require right pricing and great execution of your marketing plan. In today's market, an average home takes up to 9 months to sell! Use a marketing system that can help you sell your home in 30 days or less.

Pricing to sell

Right pricing is the key to selling your Richmond home in a buyer's market. In a soft market where house prices are dropping 1 to 2% a month, you have a better chance of selling your home by pricing it at least 5% lower than market value. Find out why - the pricing game part 1 and part 2.

Current Sales Activities

The table below summarized the past 6 months (June 01, 2008 to to-date) sales of Richmond detached homes under various price categories. The active listing figures were number of homes listed for sale as of December 25, 2008.

It is generally accepted that an absorption rate (list/sale ratio) around 6 months inventory represents a neutral or balanced market. The absorption rates as shown below confirmed that the market prices for detached homes over $500,000 in Richmond are under pressure to decline further.

Currently, homes below $500,000 were in demand and this could be attributed to these homes being more affordable. Homes in the $800,001 to $900,000 range were found to take up to 21 months to sell. Similarly, sellers of million dollar homes over $1,500,000 could take up to 24 months to sell.

In a buyer's market like today, right pricing is critical to attact buyers. A list of million dollar homes available for sale in richmond can be viewed here.

If you like to have more information on the current real estate market in Richmond, South Vancouver of Burnaby, kindly contact me at 604-721-4817 or email me.