Richmond Housing Trend from total sales recorded since 1998 reached the highest number of homes sold in 2005. That year, the total number of homes sold were 4,335 units with a monthly average of 470 units. The 2-year moving average trend line indicated sales momentum was slowing down in 2006 and 2007. The trend line as shown on the chart below (up to September 2008) showed that 334 average monthly sale was 12% lower than the 380 trend line units.
The September home price decline as reported for Greater Vancouver was around 8%. Richmond will follow the general market, and a decline in the median price can be expected in the next few months. There are no positive news in the market and BC economy that will help to reverse this housing price decline.
Tracking The Sales
The July, August and September 2008 sales figures at 287, 178 and 234 units respectively were way off the mark, and fell to the 1998 to 2000 sales figures. Current market sentiment has changed dramatically from last year, and buyer confidence is lacking. More bad news are expected from the housing market. The media are expected to continue reporting the bad news, and the housing market will continue to adjust to current over-supply and dwindling demand from home buyers.
Prices Are Dropping
The housing market in Greater Vancouver is now in a buyer's market. Prices are trending down and there are many great buying opportunities for home buyers. Many sellers have reduced their asking prices to sell their homes. Those that are reluctant to reduce their selling prices and priced their homes according to today's market, will have a tough time selling their homes. Many areas are already reporting home prices coming down by as much as 10% to 15% compared to 2007 home prices.
Should You Buy Now?
You should position yourself to make a quick move if and when you can get a great deal. There are definitely many more buying opportunities now. Whether you should buy now or wait a little longer depends on your own comfort level. You should watch the market closely. Only when you are feeling comforatable with the market, you make your move to buy.
For more information on the market, you can contact me at 604-721-4817 or email me.
NOTE: This representation is based in whole or in part on data generated by the Real Estate Boards of Greater Vancouver
There is always somebody that this market benefits..............and if they can't afford Richmond-you know where to send them! :-)
Liz - I will certainly send you clients of mine or anyone I know wanting to buy in Chilliwack. I am sure you will take good care of them.