Homes for Sale-Listings Richmond BC

Blog by Arnold Shuchat | October 30th, 2012

A quick pulse of the last 4 days which would include the weekend shows the following:
There were 51 new listings of all kinds of property: 15 single familiy homes and 36 condos or townhouses.
There were 41 sales of which 12 were single family homes and 29 were condos or townhouses.  The total absorption rate was therefore at 80.4% which was approximately the same for both houses and attached properties.  The median sale price was a little over $1,000,000 for a single family house while the median sale price for an attached property was $370,000.

These numbers rather than indicate a changing market might better be viewed as the beginning of a decline in the number of new property listers as we approach the end of the year.  There are still 1,097 single family homes listed for sale, up from my last report.  However, given that only 47 single family homes sold in the last 34 days but 12 of these were sold in the last 4 days, we might just be seeing a Xmas/New year resolve on the part of sellers to move their properties.  There is still a huge amount of work to do but the numbers are very encouraging for buyers as seller fatigue begins to produce results.  Finally, it should be noted that at least 37% of the sold properties were already vacant!