Richmond Housing

The Richmond housing market remains very active and bullish for February 2010. The market for older townhouses between 385 to $425,000 is very strong, the is a pent-up demand for such properties.

Older home on a large lot in prime Richmond location are also in good demand, driving prices to the $800,000+ level. It is easy to understand that the Richmond housing market has more op-side potential Richmond townhouses are in relatively higher demand that detached houses and condos.

The number of active listing and sales picked up in February after the lower seasonal listings and sales over the past 3 months. The active listings and monthly sales ratio is considered a "Seller Market" with supply-demand pressure for houses prices to move higher.

The monthly average and median prices for February remain positive and registered higher values than the previous months. There was a substantial jump in the average selling price from around $780,000 to around $835,000

Market for Million Dollar Mansions
The demand for older homes on large lots over the past few weeks were very strong as more home builders are actively buying such properties. Such building lots when eventually new home being built on them are prices and sold at $1,600,000 to $1,800,000 range.

Based on sales activities and multiple offer situations mainly from Richmond new home builders, older homes with lot size between 8,000 to 9,000 in the popular Broadmoore subdivision were snatched up at prices $850,000 - $900,00+. Similar older homes on large lots on arterial roads and those less favorable locations facing "T" junctions are priced much less at around $700,000