Median selling price in Richmond drops below $1 million to $990,000?

Over on Vancouver Condo Info, the comments section draws attention to an article in the current edition of the local newspaper, the Richmond Review.

Apparently on pg. 22 (the article doesn't appear to be online) there is a piece titled "Home sales slow as prices ease".

Contributor 'Son of Ponzi' says the article claimes the median selling price in Richmond has dropped 6.5% in the past month, falling below the $1 million mark to $990,000.

Horrors! Didn't we use to call Richmond 'HAM central'?

If anyone can find the full article, please send it along.

Meanwhile local Richmond real estate agent, James Wong, is out with his December real estate report:

Home sales in Richmond for November, 2013 totaled 288 units were 11% lower than previous month’s sales of 324 homes. With mortgage rates expected to remain stable at current level, home buyers are in no hurry to commit making a buying decision. Total active listings at the end of November were 2,080 which was just 2% lower than the month before. When compared to active listings the same time last year, current active listings were 4% lower.

The supply of homes for sale in Richmond as measured by months of inventory (MOI) at 6.25% remained around the same level compared to the previous 5 months. The MOI for detached homes remained around the same level the month before. At a MOI of 6.72, home sellers are taking the cue from the market, maintaining their asking prices. The MOI for Richmond townhouses improved further for home seller when the MOI edged from 5.32 to 5.01. The MOI for condos deteriorated slightly, changing from 6.73 to 7.39 due to a slight increase in the number of active listings. The number of total active listings in Richmond at the end of November at around 2,045 units were just marginally lower than the active listings count of 2.080 the month before. Other than condos, detached homes and townhouses in Richmond are holding up well. Compared to a year ago, total Richmond home sales in November at 288 units were 39% higher than the 207 units posted a year ago.

Richmond housing market outlook 

The tapering in home sales in Richmond can be expected the next 3 months due to seasonally lower home buying activities. Well priced properties were selling reasonably well. From conversations with other realtors, many sellers were reported to have turned down low-ball offers. 

The current statistics for Richmond detached homes are:

• Single family detached homes listed for sale - 769 homes. 

• 534 (69%) of these homes are over $1,000,000. 

• The average past 3 months sales for homes over $1.0 million was 51 homes 

• MOI for detached homes over $1,000,000 is 10.47 months of supply. 

• Total single family detached homes for sale over $1,500,000 - 320. 

• The average 3 months sales - 21 units with 15.24 months of supply.

Although home sellers of million dollar homes are under pressure to drop their prices, many sellers are holding on to their asking prices hoping to cash out at prices they are expecting. Agents were lamenting that many of their offers were turned down due to sellers not prepared to meet buyers offers.

Once again Mr. Wong offers a more sobering take on conditions than what we have heard from other quarters.

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