What's Selling in Richmond?

Blog by Arnold Shuchat | January 22nd, 2013

We are now well into 2013 and I thought I'd set down a summary of what is selling and where in Richmond so far this year.

There have been 363 new listings for property to date and 72 sales. 
27 of the sales have been apartments selling between $279,000 and $618,000 (a single outlier sale at this price) with the median price being: $351,000 for a 2 BR on General Currie Rd.   
18 have been townhouses sold between $299,000 and $885,000 (for a newer one on Princess St. The next lower priced unit sold was-$618,000) with the median price being: $519,000 for a 3 BR unit on No. 4 Rd.
29 have been single family homes sold from $473,000 to $2,310,000 with the median price being $877,500 for a 25 year old 5 BR home on No. 1 Rd.  The least expensive one was a zero lot line freehold 1/2 duplex without any strata. 
1 brand new duplex sold for $1,180,000 on St. Albans Rd. 

The sales to new listings ratio (absorption rate) during this time was: 19.8% and the sales to total inventory at the end of the period is: 3.9%  

Breaking it down by category of property to see the rate of sales:
Attached properties, being townhouses and apartments have sold at 4.44% of total listings for this kind of property and have been absorbed at a rate of: 23% of new listings.
Single Family Homes, have sold at 3.7% of total active listings and 16.6%to new listings.

One would expect that SFDs would be "out-absorbed" by the less expensive attached property group by a greater margin than what the results indicate.  The results for SFDs are encouraging, given the fact that new listings storm the market as we enter the new year, faster than buyers can react to them. Despite this influx, the absorption rate for SFDs is up from my October report by 15.6% although it is still very low when compared to pre-2011 data.

As to where property is selling, the top six areas which claimed sales are as follows:
Brighouse-11 units sold
Brighouse South-8 units sold
West Cambie-7 units sold
Quilchena-5 units sold
Steveston South- 5 units sold

There is always a slight bias in favour of Brighouse being that it is at the city core and contains hi density areas with many units.