Richmond Real Estate Market Report-May 2016 Performance

Blog by Arnold Shuchat | June 3rd, 2016

Here is the great news if you are a homeowner in Richmond, particularly on the west side.  Below are some performance graphs for 4 areas, Lackner, Woodwards, Westwind and Steveston North. [Scroll over the graph to highlight the actual numbers] You can see the Housing Price Index which calculates average prices (in this case, all of the data is for single family homes), Inventories, Sales to Active ratios for the number of listings in a month and the number of new listings.

One thing that seems noteworthy is that listings are starting to increase significantly as sellers start to pour into the market in order to get what they perceive to be the highest prices ever seen in any real estate market.  The inventories are starting to rise and the sales to active ratios are starting to come down somewhat.

Someone once said, "the best diet comes from not having a job". Are we heading to a balanced market with a new higher standard of pricing?

If you would like to see the data for any other region in the Lower Mainland, simply text me at: 778-227-7325