Houses For Sale-Listings Richmond, BC

Blog by Arnold Shuchat | November 6th, 2012

Compared to last week, a quick pulse of the last 4 days which would include last weekend shows the following:
There were 80 new listings of all kinds of property: 26 single family homes and 54 condos or townhouses. There were 41 sales of which 17 were single family homes and 24 were condos or townhouses. The total absorption rate was therefore at 51% which is down from last week's 80% but is more reassuring for sellers as the number of listings was up from 51 to 80, but 1.4 times as many single family homes sold this week so far than did last week.

The increase in activity is noticeable over the last two weeks. The median sale price was a little over $1,282,000 for a single family house while the median sale price for an attached property was $424,000. Both these numbers are up from last week's which were $1,000,000 and $370,000 for houses and attached properties respectively.

 There are still 976 single family homes listed for sale, down from last week by about 11.4%. There is still a huge amount of work to do but the numbers are very encouraging for buyers and I continue to view this as "seller fatigue", being that at least 31.4% of the sold properties were vacant!

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