Its a New Year 2011
The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totalled 2,509 in November 2010. This represents a 7.4 per cent increase compared to October2010 and an 18.6 per cent decline from the 3,083 sales in November 2009
“Housing sales numbers were fairly typical for a November and indicate a fairly balanced market. Activity on the buyer side has been stable, with slight increases, over the last few months while the number of homes listed for sale in our region has declined each month since we reached a peak in June,” Jake Moldowan, REBGV president said.
What About Richmond?
Richmond detached home prices heading higher?There are definite signs that home buyers were bidding up home prices in Richmond the past few weeks. As of December 27, 2010, over a 27 days period MLXchange reported the sales of 72 detached homes in Richmond. Very strong buyer interest was reported for older homes, and when the sales were analysed, 29 of the homes sold (40% of the homes sold) were 25 years and older. Ten of these 29 homes (34%) were selling above their listing prices.
What to expect for 2011?Gauging from the sales of these homes and strong buying activities for older detached homes, 2011 could be a good year for the Richmond real estate market. The strong demand for building lots in the Seafair area in West Richmond had resulted in older homes there selling at ever higher prices. Home prices in Seafair area were selling at around $550,000 in 2008 to $750,000 in 2009 and now at the end of 2010, older homes in Seafair area are selling at around $950,000.
Stay tuned for upcmoing blogs on more Richmond Real estate, Vancouver Real Estate, New Listings, Sales, statistics and more... Blogged by Ali Martinez, Keith Vines, and Bill deMooy of Vines deMooy and Associates. Happy New Year Everyone!!