Richmond BC Home Sales-Market Report West Side


Blog by Arnold Shuchat | September 27th, 2012


West of No 3 Rd. as of today, there are 742 single family detached homes for sale in Richmond, B.C. representing over $1 Billion dollars of property waiting to be sold.
The bulk of these listings are distributed by price bracket as follows:
Price Bracket #of Properties  #sold last 30 days  % of those listed
  <$700,000 9 2 22
  $701-800k 41 1 2
  $801-900k 72 3 4
  $901-1000k 88 3 3
  $1001-1100k 68 0 0
  $1101-1200k 59 5 8
  $1201-1300k 58 2 3
  $1301-1400k 50 1 2
  $1401-1500k 41 1 2
  $1501-1600k 37 0 0
  $1601-1700k 42 2 5
  $1701-1800k 30 0 0
  $1801-1900k 23 2 9
  $1901-2000k 20 0 0
  $2001+ 38 2 5* (larger category of pricing)
On average, only 3% of properties listed actually sold.  A review of the pricing spread between sold price to asking price shows an average spread of 7%. But who wants to be average when the market is so skewed?
West of No 3 Rd. as of today, there are 716 single family detached homes for sale in Richmond, B.C. representing over $1,027,019,053 dollars of property waiting to be sold, a 4% decline in the number of units for sale from the end of August. The bulk of these listings are distributed by price bracket as follows:

Price Bracket #of Properties  #sold last 30 days  % of those listed
  <$700,000 9 1 11
  $701-800k 42 5 12
  $801-900k 73 3 4 
$901-1000k 88 2 2 
$1001-1100k 57 0
$1101-1200k 58 3 5
  $1201-1300k 50 3 6
  $1301-1400k 49 0 0
  $1401-1500k 36 0 0 
$1501-1600k 42  2 5
  $1601-1700k 39 1 3
  $1701-1800k 31 0 0
  $1801-1900k 23 0 0
  $1901-2000k 23 0 0
  $2001+ 96 3 3* (larger category of pricing)

Again, as happened in August, on average, only 3% of properties listed actually sold.  A review of the pricing spread between sold price to asking price shows an average spread of 8%.  A few of the more expensive sales may have skewed this percentage higher from the 7% spread last month as the discounts on a few larger homes were up to half a million dollars off asking, or almost 20%. The average time on the face of the statistics was little more than 3 months.  However, this does not include breaks the sellers may have taken from the time they initially listed the property, with any cancellations that may have occurred to the listings.  In reality, the selling time is even longer.