The following table summarized Richmond's August sales:
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Detached Home Sold In Richmond - August 2008
An analysis on the types of detached homes sold in Richmond revealed some very interesting data.
It can be seen from the sales summary here that detached homes under $650,000 formed 45% of the detached homes sold for the month.
About one-quarter of the homes sold were mid-level homes between $650,000 to $800,000 price range.
The higher priced excutive homes over $800,000 accounted for about one-fifth of the single family homes sold. Those between $800,000 and $999,999 made up just under 10% of the homes sold. The million dollar homes accounted for 11% of the total detached home sold for the month.
 Typical detached home $500,000 to $650,000 |
 Better value detached home $650,000 to $800,000 |
 Executive detached home $800,000 to $950,000 |
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Million dollar new detached luxurious home |
Trading-up Market Opportunities
The slower sales for detached homes and high number of homes listed for sale in Richmond is showing around 18 months of supply. This will put pressure on selling prices, a drop in the median price for detached homes.
For home owners who are trading up, this is a good time to seriously consider a move. More homes were sold under $650,000 as the demand for homes in this price range is the highest. A home owner whose price is in this range will find it easier to sell his or her home.
In a soft market, higher priced properties takes longer to sell as can be seen from the data below. The probability of a move-up home buyer negotiating and buying a home at a good price is high. In a seller's market, sellers will be reluctant to make the price concession to sell their homes.
Solving The Dilemma - Sell Or Buy First
The advice any experienced Realtors give to their clients is to act decisively on preparing the home for sale, and at the same time looking out for the right home within the price range.
The basic requirements to sell a home fast have to be followed... price right, prep the home in tip top selling condition and have full market exposure to sell the home.
The Reasons For Trading Up In A Buyer's Market
A buyer's market present an excellent opportunity for a trade-up home owner to buy a better home in a more desirable neighborhood.
If the market price has dropped 10%, a home that previously can be sold at $650,000 will now sell for $585,000. The a list/sale ratio around 8.4 months, makes selling at this price range easier. For homes over $800,000, the supply demand ratio at around 22 months is much higher, and takes much longer to sell. Home sellers are more inclined to drop their prices more than 10% to find buyers.
Should You Make The Move?
You should discuss your options with your local Realtor whether trading up make sense to you. If moving to a better home in a more desirable location is feasible to you, your have better opportunities to do so in a buyer's market. For details on how you can make this possible, you can contact James Wong 604-721-4817 at Sutton Realty West Coast or email me.
NOTE: This representation is based in whole or in part on data generated by the Real Estate Boards of Greater Vancouver
I'll take the million dollar home..:-) its only a wee bit more...
Liz - This surely is a nice home in a great neighborhood. This home was sold last month at around $1.4 million.