Richmond Real Estate Market Report


Blog by Arnold Shuchat | December 22nd, 2013


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
$901-1000k 88 2
$1001-1100k 57 0
$1101-1200k 58 3 5
  $1201-1300k 50 3 6
  $1301-1400k 49 0 0
  $1401-1500k 36 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)
Real Estate statistics are often deceptive.  As an illustration, the following table looks at the real estate activity for the different neighbourhoods in Richmond, B.C. for the last 14 days (ending December 22, 2013) for single family homes, derived from the Real Estate Board of Greater Vancouver, using a real estate "search" and entering the start and finish date.  This type of search configuration is necessary to flush out all of the active listings, which were active or sold in this period.  However, this search only shows 17 properties as being sold during the period.

Below this table, I will amend the sales numbers on a similar table, but the 2nd table will reflect very recent data which somehow does not get migrated over to the search data as requested above, yet somehow reflects far different activity. Realtors who are following my blog would do well to be prudent and run the separate searches and then merge the data as on the 2nd table below.  You can see how not doing so produces radically different results and could generate incorrect real estate opinions and advice! 

Neighbourhood Selling Area Active Listings Sold Listings Percentage sold
Sea Island 2 0 0
Bridgeport 15 0 0
West Cambie 55 1 1.8
East Cambie 30 1 3.3
Terra Nova 18 0 0
Riverdale  46 3 6.5
Quilchena 20 0 0
Granville 40 1 2.5
Seafair  59 1 1.7
Boyd Park  20 0 0
Lackner 37 1 2.7
Steveston Village 16 0 0
Steveston North 36 1 2.8
Steveston South 11 2 18.1
Westwind 5 0 0
Woodwards 42 0 0
Broadmoor 75 5 6.6
Garden City  29 0 0
Saunders  43 0 0
Southarm  16 0 0
Brighouse  11 0 0
Brighouse South  4 0 0
McLennan North  15 0 0
Gilmore  9 0 0
McLennan 17 0 0
McNair  16 1 6.25
Ironwood  28 0 0
East Richmond 18 0 0
Hamilton 15 0 0
Totals: 748 17
Average 1.8

Corrected statistical table:

Neighbourhood Selling Area Active Listings Sold Listings Percentage sold
Sea Island 2 0 0
Bridgeport 15 0 0
West Cambie 55 3 1.8
East Cambie 30 2 3.3
Terra Nova 18 1 0
Riverdale  46 4 6.5
Quilchena 20 2 0
Granville 40 2 2.5
Seafair  59 4 1.7
Boyd Park  20 0 0
Lackner 37 1 2.7
Steveston Village 16 3 0
Steveston North 36 4 2.8
Steveston South 11 2 18.1
Westwind 5 0 0
Woodwards 42 0 0
Broadmoor 75 7 6.6
Garden City  29 0 0
Saunders  43 3 0
Southarm  16 1 0
Brighouse  11 0 0
Brighouse South  4 0 0
McLennan North  15 0 0
Gilmore  9 0 0
McLennan 17 1 0
McNair  16 2 6.25
Ironwood  28 1 0
East Richmond 18 1 0
Hamilton 15 2 0
Totals: 748 46
Average 6.15%


While not extraordinary, the second table is visibly superior in sales performance than the first one.
The absorption rate for single faily homes in this period is high at 87.3%. In the end, it is not like this market is "hot" right
now. There is just a significantly less amount of inventory of house listings on the market compared to, say a year ago,
making for a more balanced market. In all, it appears that total number of sales for a similar period in 2012 is up by
164% from 28 SFDs to 46 SFDs in the same period this year in Richmond. 

If you or anyone else you know is thinking about making a purchase or sale in the near future, please call me
at 778-227-7325 so that we can talk about how I can help make the right decision.