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Richmond saw more home sales last month, real estate data shows

There was "robust" real estate activity in Richmond and across Metro Vancouver last month, according to the Real Estate Board of Vancouver (REBGV).
for sale sign
Single family homes in Richmond experienced a rise in assessed value of around 10 per cent. Photo submitted

There was "robust" real estate activity in Richmond and across Metro Vancouver last month, according to the Real Estate Board of Vancouver (REBGV). 

The board released its latest monthly housing report, covering September sales and listings, on Friday.

Detached home sales in Richmond rose 13.1 per cent last month compared to August, which saw 99 sales. In September, there were 112.

Meanwhile, attached home sales totaled 95 in June, increasing by 1.1 per cent in September to 96 sales.  

Apartment sales, meanwhile, saw the biggest jump, rising by 44.3 per cent last month to 202 sales in September, up from 140 in August.

Listings for detached homes and apartments also increased last month.

In September, there were 232 new listings for detached homes in Richmond, up from 178 in August – an increase of 30.3 per cent.

Meanwhile, apartment listings increased by 5.1 per cent, from 312 in August to 328 in September.

However, attached home listings fell by 27 per cent last month, from 178 sales in August to 130 in September.

“We’ve seen robust home sale and listing activity across Metro Vancouver throughout the summer months,” said Colette Gerber, REBGV chair.

“This increased activity can be attributed, in part, to lower interest rates and changing housing needs during the COVID-19 pandemic.”

Between July to September 2020, there were 305 detached home sales, up 36.2 per cent from the 224 sales for that same period last year.

Similar trends were also seen with attached and apartment home sales. From July to September of this year, there were 290 attached home sales, a 45 per cent increase from that same period last year, when there were 200 sales.

Apartment sales rose by 23.8 per cent over the summer months this year to 505, up from the 408 sales recorded in July to September 2019.

Meanwhile, across the region, there were 3,643 residential home sales last month, a 56.2 per cent increase from the 2,333 sales recorded in September 2019, and a 19.6 per cent increase from the 3,047 homes sold in August.

There were also 6,402 detached, attached and apartment properties newly listed for sale in September across Metro Vancouver. That’s a 31.6 per cent increase compared to the 4,866 homes listed in September 2019, and a 10.1 per cent increase compared to August’s 5,813 listings.

“While the pace of MLS listings entering the market is increasing, the heightened demand from home buyers is keeping overall supply levels down,” said Gerber.

This is creating upward pressure on home prices, she added, which have been “edging up since the spring.”

The benchmark price – which represents a typical property in each market – of a single-family detached home in Richmond was $1,564,600 last month, an increase of 5.9 per cent from September 2019.

The benchmark price for all residential properties in Metro Vancouver is currently $1,041,300, a 5.8 per cent increase over September 2019, and a 0.3 per cent increase compared to August 2020.

Meanwhile, the sales-to-active listings ratio for Metro Vancouver, for September 2020, is 27.8 per cent. Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, and upward pressure when the ratio surpasses 20 per cent over several months.