Richmond real estate is now back to a seller's market now
After 4 months of surge in sales and lack of new inventory in the market, sellers are now back in control and home prices are heading up again. The months of inventory below confirmed the market is experiencing strong buyer interest, and home prices are gaining ground.
The latest month of inventory or supply/demand as shown below confirmed strong buying pressure which will help boost home sellin prices. The housing market report for Richmond showing the list /sale ratios for detached homes, townhomes and condos can be viewed here.
Price Range
|
# Active Listings |
# Av. sale (3 mth) |
No. Months |
| 400,000 - 500,000 |
9
|
3
|
3.00 |
| 500,001 - 600,000 |
74
|
25
|
2.96 |
600,001 - 700,000
|
143 |
48
|
2.98 |
| 700,001 - 800,00 |
91
|
30
|
3.03 |
800,001 - 900.000
|
50
|
17
|
2.94 |
900,001 - 1,00,000
|
42
|
14
|
3.00 |
1,000,001 - 1,500,000
|
135
|
45
|
3.00 |
| 1,500,001 - 2,000,000 |
43
|
14
|
3.07 |
| 2,000,001 - 3,500,000 |
14 |
5
|
2.80 |
Total Sales
|
601
|
201
|
2.99 |
Know what your are buying
Buyers are required to make a quick decision as there are other buyers likely to beat them to the homes they are interested to buy. Sellers are now not too flexible in their price negotiation as they know they market will catch up on the prices they want. As a buyer, you need to be ready and being pre-approved for a mortgage gives you an edge to buy with confidence.
The market has now turned in favour of the sellers. You either have to move your offer price up to meet seller's price, or hope for better luck with another home seller. Unfortunately, other home sellers may be equally firm on their selling prices.
If you are searching for homes for sale, you can use my website here to check out the homes listed for sale on the MLS system. You can contact me at 604-721-4817 to search for homes meeting your requirements. Or, email me.
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Hi James..Great News, Our Market certainly has heated up this last two months, and like you no inventory increase, not yet a Sellers Market, but certainly lots of Buyer Activity.
Cheers, thanks for sharing your stats.