Home Sales for Richmond B.C.-Market Report

Blog by Arnold Shuchat | January 17th, 2013

Here are the neighbourhood sales results for the last 45 days from December 1, 2012 to January 15, 2013 for single family homes in Richmond, B.C. I will comment on these numbers below the table.

Area Listings # of Units sold in last 30 Days %
Sea Island 4  1  25
Bridgeport 13 0 0
West Cambie 41 1  4.9
East Cambie 17  1 5.9
Terra Nova 36  3  8.3
Riverdale 47  1  2.1
Quilchena 39  6  15.3
Granville 54  2  3.7
Seafair 67  5  7.5
Boyd Park 20 3  15
Lackner 30 2  6.7
Steveston Village 19  2  10.5
Steveston North 49  2  4
Steveston South 19  2  10.5
Westwind 16  1  6.25
Woodwards 38  3  7.9
Broadmoor 66  4  6
Garden City 40  3  7.5
Saunders 42  1 2.4
Southarm 16  1  6.25
Brighouse 7  0 0
Brighouse South 2  0 0
McLennan North 12  1  8.3
McLennan 23  0 0
Gilmore 7  0 0
McLennan  12  0  0
McNair 17 4 23.5
Ironwood 30  3  10
East Richmond 18 0 0
Hamilton 27 0 0
Totals: 755  52  6.9
A comparison to the stats at the end of November published on this blog yields favourable results in terms of product absorption. The number which matters to me is the percentage of homes being sold in relation to those listed. That is the essence of bargaining power right there.
When the market was cooking, the percentage would have been closer to 40-45%. Out of 10 homes that I might try to get an appointment to view, half might have a contract on them, and I would be luck to view 4. Now, I could probably make such a list and get in to about 8 of them, even on the same day.
One would have to be cautious about seeing these numbers as a significant uptick from earlier months as we are dealing with the Xmas season here with all of those issues. Sellers often suspend or terminate listings with the hope of renewing them in the new year. This has been especially the case for Richmond where there has been
the usual "prayer" for the new wave of Asian immigrants that come to visit with housing plans as the Chinese New Year approaches. That plan didn't work out last year and I am surmising that we will only see a trickle this year as well. 

This is what happens in a normal market: Houses on main streets, once again become less attractive to buyers. Old and unmaintained houses will stay listed for months. Good product in homogenous neighbourhoods will continue to sell if priced correctly. I remember on tour once with clients visiting a property where three generations were huddled
in the kitchen wearing ski jackets with the stove on and the oven door open, drinking tea. One had to get to the laundry machines by walking around the back and they were outside. But the property was one of the few for sale at that price range and one could feel the "take it or leave it attitude" of many of the sellers.

Well, it is payback time now and shopping has become fun and all those "house owners" trying to sell (notice I didn't say "Homeowners") will be getting their due.