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The lower sales for Richmond homes in the month of January and February 2008 can be attributed to the seasonally lower yearly real estate activities. Sales picked up from a low figure of 271 to 378 in February and reached a total sales figure of 427 in March.
This compared favourably with the average Richmond 2006 and 2007 sales at 416 and 446 respectively.
A more up-to-date tracking report by Paul Boenisch at Prudential Sussex Realty is showing a significant build-up in Richmond's housing inventory for April, 2008. Paul's chart showed that Richmond's housing inventory for April surpassed that reported the same month for 2005, 2006 and 2007.
The next 2 months sales and inventory report will give us a better idea as to the direction of Richmond's housing market. The lower housing sales as reported for the 1st quarter for Greater Vancouver may put pressure on house prices if available homes for sales continue to build up.
Thanks Adam. You could have mistaken the stats that I posted from Richmond in Virginia. I am from Richmond, BC Canada. My earlier post at http://activerain.com/blogsview/283389/Vancouver-Home-Prices showed that real estate prices in Greater Vancouver were off the trendlines!
Sales appear to be slowing down, and listing inventories are building up. The blog by Paul Boenisch confirmed the April listing stats for Vancouver, BC and the charts showed significant slowing down in the market. This could be the top of the market that many called 2 or 3 years ago.