July was a hot month for real estate
According the Real Estate Board of Greater Vancouver, last month was the hottest July in terms of residential property sales for the region, and the figures in Richmond were no different.
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Updated: August 06, 2009 12:35 PM
July was the hottest on record in two categories: temperature and real estate.
According the Real Estate Board of Greater Vancouver, last month was the hottest July in terms of residential property sales for the region, and the figures in Richmond were no different.
Sales of detached homes were up more than 140 per cent, while townhouse sales skyrocketed 152 per cent and condo sales jumped a relatively modest 85 per cent.
But it wasn't just the number of homes changing hands that looks promising.
The median selling price of a house last month was $690,000, just four per cent lower than a year ago.
Townhouse prices are also close to last year's numbers, while condo prices were actually up 11 per cent, from $290,000 last year to $322,000 this year.
"Home sales this summer are seasonally higher than normal, which is due in large part to the price correction that has taken place in the last year and low interest rates," said Real Estate Board of Greater Vancouver president Scott Russell. "Although well-priced listings and lower- to mid-range priced properties remain in the highest demand across Greater Vancouver, recent activity from first-time buyers is beginning to boost demand in the move-up segment of the market."
Other particularly hot markets include Port Coquitlam, where detached home sales were up 236 per cent, and South Delta, which also saw a more than 200 per cent increase.
June was also a near record-setter, and region-wide, July cooled off a little, comparatively speaking. But that wasn't the case in Richmond, which saw more July sales in each of the three categories than in June.
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