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The Chinese Speculators are selling - causing a $150,000 price drop in 4 weeks!
April 26 2011 w8c
The Richmond single family detached residential market has just experienced some serious market manipulation with short term speculation. Back In January and February we saw many homes purchased with longer completion dates and assignment rights. There has been a large contingent of speculators that purchased about 50 standard homes on normal sized lots and they are now offering many of these assignment sales contracts back up for resale at $100,000's more. The days of multiple offers and selling at the average of $49,000 over list with only 10 days on the market are gone. The current discount is now $28,000 below list and the average price based on sp/sqft is now down $110,000-$160,000 from the March 29 2011 peak. With fast increasing inventories MTI and poor sell through rate STR (absorption) this confined market in Richmond West of #3 road will now experience continued pressure on selling prices.
We are expecting a good sales volume in the next 8 weeks from mainland China and this extra inventory could be absorbed quicker than the current local demand indicates.
Listen to the local experts "Austin Kay and Anita Chan" as they explain these changes on our next interview on "The Chinese Buying Activities" as to how these price changes affect your home values and how you can plan ahead and make informed decisions.
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Index
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Home Price Index (HPI))
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Sales/Listings .. Current Supply Demand
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Market Trend Index (MTI)
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Study Criteria and data reports
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Study Map
Richmond (West of No. 3 Road.. see map)
Home Price Index HPI
Prices Values for 2,300 sqft home
Calculations are done on the average price per sqft
Study Criteria (West of No. 3 Road. see map) Home size: 1500-3500 sqft,, Lot: 3800 7000 sqft, Age: 10-50 yrs, Bedrooms: 3-6 resulting in a sample size = 541/1361=25%
Prices Values for 3,500 sqft home
Calculations are done on the average price per sqft
Study Criteria (West of No. 3 Road. see map) Home size: 1500-3500 sqft,, Lot: 3800 7000 sqft, Age: 10-50 yrs, Bedrooms: 3-6 resulting in a sample size = 541/1361=25%
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The Study Map Area
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The Study Criteria and Research Data
Bill Coughlin
"Realtor and Lifestyle Consultant"
604-217-3992 cell
1-888-539-4664 Toll free
Bill@coughlinteam.com
CoughlinTeam.com
Re/Max Little Oak Realty
Abbotsford, Mission BC
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