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Richmond real estate activity slowed in November: REBGV

However, Richmond home sales in November 2020 were higher than November 2019
for sale sign
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Real estate activity in Richmond slowed last, according to the Real Estate Board of Greater Vancouver (REBVG), however, residential home sales in the city and across the region were higher than November 2019.

The board released its latest monthly housing report, covering November sales and listings, earlier this week.

Detached home sales fell by 17.8 per cent last month, compared to October, which saw 107 sales. In November, there were 88 sales.

Meanwhile, attached home sales also totaled 88 in November, a decrease of 7.4 per cent from the 95 attached home sales in October.

There were also fewer apartment sales last month compared to October, which saw 178 sales. In November, there were 157 sales (a decrease of 11.8 per cent).  

However, there were more home sales in Richmond in November 2020 compared to November 2019 – a trend that’s also seen across the region, according to the REBGV.

In Richmond, there were 67 detached home sales, 68 attached home sales and 136 apartment sales in November 2019.

Across Metro Vancouver, residential sales totaled 3,064 in November 2020, a 22.7 per cent increase from the 2,498 sales recorded in November 2019, and a 16.9 per cent decrease from the 3,687 homes sold in October 2020.

Last month’s sales in Metro Vancouver were also 24.6 per cent higher than the 10-year November sales average.

In November, new listings for Richmond properties also declined compared to October.

Last month, there were 131 new listings for detached homes, down from 180 in October, a decrease of 27.2 per cent.

For attached homes, there were 109 new listings in November, down 17.4 per cent from October’s 132, while new apartment listings totaled 279 last month, down 9.4 per cent from the 304 new apartment listings in October.

There were 4,068 detached, attached and apartment homes newly listed for sale in Metro Vancouver in November, a 36.2 per cent increase compared to the 2,987 homes listed in November 2019 and a 27 per cent decrease compared to October 2020, when 5,571 homes were listed.

The benchmark price for all residential properties in Metro Vancouver is currently $1,044,000, a 5.8 per cent increase over November 2019 and a 0.1 per cent decrease compared to October 2020.

The benchmark price represents a typical property in each market.

In Richmond, the benchmark price of a single-family detached home was $1,580,100 last month, a decrease of 0.1 per cent compared to October and an increase of 6 per cent compared to November 2019.

Meanwhile, the sales-to-active listings ratio for Metro Vancouver, for November 2020, is 27.6 per cent. Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.