Richmond Real Estate Report
Although there was a drop in the median price for detached houses for November 2007, the year-over-year price was still higher. The number of listings over 90 days month-over-month is the key monthly figure to follow. This is one of the indicators to watch for any sign of market pressure on prices. So far, Richmond’s housing activities on listings and sales ratio remain healthy.
Here are the November median sale prices as reported by the Real Estate Board of Greater Vancouver:
| Housing Type |
November 2007 |
October 2007 |
November 2006 |
| Detached |
$669,000 |
$700,000 |
$623,000 |
| Townhouse |
$452,000 |
$436,000 |
$384,000 |
| Condo |
$297,000 |
$296,000 |
$254,000 |
The chart below showed the monthly total active listings, monthly listed and sold detached houses for Richmond, B.C. for the 12 preceding months.
Source: RealtyLink Online
Click here for the listing and sale activities for Richmond's townhouses and condos for the 12 preceding months.
The only sector showing an increase in the listings and sales ratio was in the condo market. The active listings and sales ratio for condo in Richmond was showing a small increase for November. The next few months activities will give a better indication whether the condo market in Richmond is reaching the market top for this housing market cycle.
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