There are signs of the housing market in Richmond slowing down. Active listings inventory has been increasing steadily since January, 2008. More new listings and slower sales are pushing Richmond's list-to-sale ratio towards a more balanced market. By the end of May 2008, the lsit-to-sale ratios for condos and detached homes were approaching 5.7 and 5.3 months.
New condos and resale new condos are expected to be under pressure for some price reductions.
Many presale new condos are now competing with resale new or 1 to 2 years old condos in Richmond City Center area. Home buyers now are having a wider selection of condos to choose from.
The selling price per square foot are found to be from $425 to $485 a sq ft. Some of the presale new condos available for assignment sale are listed here.
The steady increase in new listings and slower sales for detached houses and townhouses have taken the pressure off home buyers to make their offers.
The real estate market in Richmond is certainly volatile, and all of the information about buying a home can be overwhelming. I can help. Take a look at my websites at www.james-wong.net, www.RichmondBCRealEstates.com and www.Vancouver-Home-Mortgage.com. If you like to contact me, you can email me or call me at 604-721-4817.