This is a sample review of the Richmond real estate market area. For an up-to-date review of other areas such as east vancouver, of houses versus townhouses, new or resale, and more... call Bill deMooy 604-274-2222.

DOM

an acronym for "Days on the Market".  This is an average of the number of days it took for properties on MLS® to obtain an acceptable offer that became a firm sale.  Click here to see July 2012 Average DOM for Richmond.

 SP/LP 

also known as the "Percentage of Original List Price Received at Sale".  Helpful for sellers to determine how much above the expected selling price is a good list price.  Note: Aug 09 means August 2009 and not August 9th.  July 10 means July 2010 and not July 10th.  And so on.  Click here to see July 2012 SP/LP for Richmond and see that detached properties (houses) have seen  a remarkable spread develop between asking and getting. 

SALR

"Sales to total Active Listings Ratio". This indicator shows the relative balance between the demand for homes and supply of homes in REBGV's market. A high ratio denotes a market that is more in favour of sellers creating upward pressure on prices.  A low ratio reflects a market in favour of buyers, putting downward pressure on prices. A balanced market is generally associated with a ratio between 0.15 and 0.20, where pressure on home prices is considered neutral.   Click here to see July 2012 SALR for Richmond. 

 SALES

Do not mislead yourself when you hear statistics on the radio or read in the newspaper.  Sales are the number of sold properties on MLS® - not selling price.  Often one might hear an announcer state "sales are down 23%".  This does not mean prices are down 23%.  However, if there are a number of consecutive months of the number of sales falling, then it is likely that prices will follow.  Click here to see what level of sales are recorded on MLS in Richmond for the types of housing.

by Bill deMooy, B.Comm.  604-274-2222

Results you can depend on

Macdonald Realty Westmar

Greater Vancouver housing market hits summer lull

Residential property sales in Greater Vancouver remained at a 10-year low in July, while the number of properties being listed for sale continued to edge down and prices remained relatively stable.

The Real Estate Board of Greater Vancouver (REBGV) reports an 18.4 per cent decline in sales compared to the 2,571 sales in July 2011 and an 11.2 per cent decline compared to the previous month’s 2,362 sales.

July sales were the lowest total for that month in the region since 2000.

“With a sales-to-active-listing ratio of 11.6 per cent, conditions have favoured buyers in our marketplace in recent months,” Klein said. “That means buyers have more selection to choose from and more time to make a decision. For sellers, it’s important to price properties competively.