Richmond Real Estate Sales Report-March 31, 2013


Blog by Arnold Shuchat | April 2nd, 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)
The following table looks at the real estate activity for the different neighbourhoods in Richmond, B.C. for the 1st 2 weeks of March, 2013 for ALL property types. 

While the absorption ratio seems to be improving (the ratio of sales to new listings) the total amount of inventory on the market is still overwhelming and favours buyers considerably.  My observation at this point is that there are a considerable number of properties for sale at numbers that offer little hope of a sale at or near the asking prices.  A look at my blog post of March 26 illustrates what I call the "Seller's Delusion Index" where the ratio of terminated and expired listings to sold listings within the last 30 day period as compared to last year and the year before that has balooned 325%.  

The big question that remains is how much of a price adjustment has to be made on these overpriced listings given the volume of buyers out there to reduce outstanding listing inventory to balanced numbers.  

Neighbourhood Properties For Sale   #Sold Last 14 days  % of those For Sale

Sea Island 2 0 0
Bridgeport 13 1 0
West Cambie 104 8 2.9
East Cambie 63 2 0
Terra Nova 63 2 0
Riverdale 94 6 0
Quilchena 43 0 0
Granville 92 2 1.5
Seafair 84 4 1.2
Boyd Park 54 1 0
Lackner 44 1
Steveston Village 23 4 6.3
Steveston North 49 3 0
Steveston South 109 11 7.4
Westwind 28 4 4.2
Woodwards 73 1 1.6
Broadmoor 82 5 0
Garden City 59 7 2.3
Saunders 70 3 1.4
Southarm 59 2 0
Brighouse 367 19 0
Brighouse South 207 15 0
McLennan North 160 12 0
Gilmore 5 0 0
McLennan 19 1 0
McNair 24 2 0
Ironwood 47 0 0
East Richmond 23 0 4.8
Hamilton 40 3 4.2
Totals:
2nd half of March 2100 119 5.7%

If you or any of your friends are thinking of buying or selling a property, please
email me at: ashuchat@shuchatgroup.com or call me at: 778-227-7325 to discuss
a detailed purchasing or marketing plan which could save thousands of dollars.