Biggest Price Reductions on Richmond Homes for Sale


Blog by Arnold Shuchat | May 24th, 2013


This last 7 days from May 17-24th, there were 65 price changes in Richmond of which all but 5 were price reductions. The average price reduction was $36,093 or 4%. Apartments price declines were on average by $12,671 or 4% while SFD declines averaged $57,931 or 4% and townhouses fell by $17,006 or 3% on average.  Our own experience is that townhouse prices have been holding somewhat firm in comparison to the other types of property.

Over the week there were 133 new listings (down from 200 two weeks ago) of which 25 were townhouses (down from 36), 56 (down from 78) were houses, 1 was a duplex and 49 were apartments (down from 79).  The absorption rate or ratio of sales to new listings this week was 92% for townhouses (up from 72% two weeks ago), 46% for houses (up from 41% two weeks ago), 82% for apartments (up from 39% two weeks ago).  So, the action and interest seems to be in townhouses over the last week, and this makes sense given townhouses show the lowest price reductions of all of the property types.

Here are the top price drops over the last 7 days equal to or in excess of 5%:

Address LP Prev LP Change % Change DOM Tot BR Dwell Yr Built
11280 SEAFIELD CR 699,900 778,800 78,900 10 139 3 HOUSE 1968
# 1713 5911 MINORU BV 44,900 49,900 5,000 10 176 1 APTU 1999
# 31 6179 NO 1 RD 478,000 525,000 47,000 9 269 3 TWNHS 1997
# 210 8535 JONES RD 307,000 337,000 30,000 9 30 2 APTU 1991
11351 NO 2 RD 1,049,000 1,150,000 101,000 9 28 3 HOUSE 9999
3731 BROADWAY ST 998,000 1,088,000 90,000 8 127 5 HOUSE 2006
10531 SOUTHDALE RD 1,648,000 1,788,000 140,000 8 37 5 HOUSE 2010
7671 GILBERT RD 2,368,000 2,558,000 190,000 7 240 5 HOUSE 2010
# 403 7080 ST ALBANS RD 438,800 468,000 29,200 6 198 2 APTU 2000
9431 SAUNDERS RD 1,760,000 1,877,000 117,000 6 131 5 HOUSE 2010
# 103 7891 NO 1 RD 335,000 355,000 20,000 6 31 2 TWNHS 1976
7388 BASSETT PL 1,870,000 1,980,000 110,000 6 17 5 HOUSE 2003
4620 FOXGLOVE CR 1,098,000 1,158,000 60,000 5 46 4 HOUSE 1973
11591 KINGSBRIDGE DR 549,900 579,900 30,000 5 75 3 HOUSE 1978
8720 CAMDEN CR 950,000 998,000 48,000 5 27 6 HOUSE 1967
# 608 6080 MINORU BV 369,800 388,000 18,200 5 119 1 APTU 1997
12126 WOODHEAD RD 1,228,000 1,288,000 60,000 5 31 5 HOUSE 2012
# 407 5700 ANDREWS RD 379,000 397,000 18,000 5 59 2 APTU 2001
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email me at: ashuchat@shuchatgroup.com or call me at: 778-227-7325 to discuss
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