Richmond saw more home listings, but fewer sales, in August, says real estate board

There were fewer home sales, but more listings, in Richmond last month, according to the latest data from the Real Estate Board of Greater Vancouver.

Across the region, however, home sales and listings outpaced the 10-year historical average by nearly 30 per cent.

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Detached home sales in Richmond rose by 5.3 per cent in last month compared to July, which saw 94 sales. In August, there were 99.

However, both attached home and apartment sales fell from July.

Attached home sales totaled 99 in July, falling to 95 in August – a change of 4 per cent – while apartment sales fell by 14.1 per cent to 140 in August, down from 163 in July.

There was, however, more listing activity in Richmond last month – particularly when it comes to attached homes, according to the REBGV’s latest monthly report.

Attached home listings rose by 29.9 per cent, from 137 in July to 178 in August.

Apartment listings also rose to 312, a 5.1 per cent increase from July’s 297.

Meanwhile, detached home listings fell by 0.6 per cent, from 179 in July to 178 in August.

On average, Metro Vancouver home sales and listings outpaced the region’s historical averages, according to the REBGV.

“People who put their home buying and selling plans on hold in the spring have been returning to the market throughout the summer,” said Colette Gerber, REBGV chair.

“Like everything else in our lives these days, the uncertainty COVID-19 presents makes it challenging to predict what will happen this fall.”

In August, home sales across Metro Vancouver totalled 3,047, a 36.6 per cent increase from the 2,231 sales recorded in August 2019, and a 2.6 per cent decrease from the 3,128 sales in July 2020.

Last month’s home sales were 19.9 per cent above the 10-year sales average.

A similar trend was seen in August’s home listings, according to the REBGV.

Across Metro Vancouver, there were 5,813 detached, attached and apartment properties listed for sale, a 55.1 per cent increase compared to the 3,747 homes listed in August 2019, and a 2.3 per cent decrease compared to July 2020, when 5,948 homes were listed.

This was 34.8 per cent above the 10-year August new listings average.

Home prices continue to rise in Richmond.

The benchmark price – which represents a typical property in each market – of a single-family detached home in Richmond was $1,545,000 last month, an increase of 5.9 per cent from August 2019.

The benchmark price for all residential properties in Metro Vancouver was $1,038,700 last month, a 5.3 per cent increase over August 2019 and a 0.7 per cent increase compared to July 2020.

According to the REBGV, the sales-to-active listings ration for August is 23.8 per cent. By property type, the ratio is 23.7 per cent for detached homes, 30.5 per cent for townhomes and 21.6 per cent for apartments.

In general, analysts say downward pressure on home prices occurs when the ration 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.  

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