Source: statistics from Real Estate Board of Greater Vancouver
Richmond Detached Home Housing Report - April 2008
The sales and listings statistics for Richmond in April continued to track the seasonal pattern of having more listings and sales. Over the past 4 months, more listings were added to the market, and cumulatively the number of active listings is now surpassing 670 from the December low listing number just over 400.
More inventory added
It is now taking longer to sell a detached home with around 26% probability of an average home selling and the Absorption Rate is now tracking 3.87 months from the previous month in March at 3.6 months. The median price at $705,500 was marginally lower than the previous month at $711,000. The average price was reported for the month was higher at just over $800,000 as compared with around $780,000 the previous month, but below the $835,000 high in February, 2008.
Prime building lots in demand
Overall, the market activities are still bullish and prices are holding. There are now more selections for home buyers who are taking their time to evaluate the homes they viewed. For prime location older homes bought as building lots, home builders are active and quick in making their bid at prices at $800,000 range. These homes are torn down and new home built on the lots are being listed and sold at $1.8 to $2.0 million dollars.
