Largest Price Declines for Homes for Sale in Richmond


Blog by Arnold Shuchat | June 1st, 2013


This last 7 days from May 25-31, there were 111 price changes in Richmond of which all but 3 were price reductions. The average price reduction was $35,457 or 4%. Apartment price declines were on average by $17,951 or 5%, up from 12,671 or 4% last week, while SFD declines averaged $47,275 or 4% and townhouses fell by $17,264 or 3% on average.  Our own experience is that townhouse prices have been holding somewhat firm in comparison to the other types of property which has been supported by this data for a few weeks now.

Over the week there were 183 new listings (up from 133 last week) of which 32 were townhouses (up from 25), 71 (up from 54) were houses, 3 were duplexes and 71 were apartments (down from 79).  The absorption rate or ratio of sales to new listings this week was 78% for townhouses (down from 92% last week), 44% for houses (down from 46% last week), 49% for apartments (down from 82% last week).  Townhouses continue to be absorbed at a higher rate than the other types of property and once again the interest in townhouses is supported by the fact that price reductions for them at the least of the group. 

Here are the top price drops over the last 7 days equal to or in excess of 5%:
 
Address LP Prev LP Change % Change Tot BR Dwell Yr Blt
# 507 5911 MINORU BV 44,000 66,000 22,000 33 0 APTU 1999
5564 HANKIN DR 1,398,000 1,560,000 162,000 10 5 HOUSE 1993
8231 RYAN RD 1,390,000 1,550,000 160,000 10 2 DUPLX 1979
3791 BARMOND AV 1,799,900 1,990,000 190,100 10 5 HOUSE 2012
# 309 8400 ANDERSON RD 499,000 549,000 50,000 9 2 APTU 2007
5631 LUDLOW RD 1,188,000 1,299,000 111,000 9 3 HOUSE 1959
10040 RAILWAY AV 1,280,000 1,398,000 118,000 8 5 HOUSE 1994
13531 BLUNDELL RD 998,800 1,088,000 89,200 8 3 HACR 9999
8760 - 8780 ROSEMARY AV 1,100,000 1,198,000 98,000 8 10 4PLEX 1969
# 1801 5911 ALDERBRIDGE WY 825,000 898,000 73,000 8 2 APTU 1998
9155 PAULESHIN CR 1,098,000 1,188,000 90,000 8 5 HOUSE 2003
9800 ELKMOND RD 1,750,000 1,888,000 138,000 7 5 HOUSE 2011
# 4 7191 GARDEN CITY RD 406,000 438,000 32,000 7 3 TWNHS 1989
8271 ASPIN DR 999,900 1,078,000 78,100 7 6 HOUSE 1984
# 203 7851 NO 1 RD 222,800 240,000 17,200 7 2 APTU 1977
11680 SEATON RD 699,900 750,000 50,100 7 3 HOUSE 1958
5751 GANNET CT 1,399,000 1,499,000 100,000 7 3 HOUSE 1978
9811 GREENLEES RD 1,338,000 1,428,000 90,000 6 4 HOUSE 1994
# 303 7660 MINORU BV 448,000 478,000 30,000 6 2 APTU 1986
# 105 7600 MOFFATT RD 449,000 479,000 30,000 6 2 APTU 1990
6280 CHATSWORTH RD 1,968,000 2,098,000 130,000 6 5 HOUSE 2008
6471 BARNARD DR 1,390,000 1,480,000 90,000 6 4 HOUSE 2008
# 213 8860 NO 1 RD 169,000 179,900 10,900 6 1 APTU 1974
10631 BROMFIELD PL 809,000 859,000 50,000 6 3 HOUSE 1973
# 154 7293 MOFFATT RD 174,900 184,900 10,000 5 1 APTU 1982
11106 6TH AV 899,900 949,000 49,100 5 4 HOUSE 1986
# 20 6431 PRINCESS LN 759,000 799,000 40,000 5 3 TWNHS 2005
# 1506 7360 ELMBRIDGE WY 445,000 468,000 23,000 5 2 APTU 2008
10511 NO 1 RD 950,000 998,000 48,000 5 5 HOUSE 2012
# 11 13400 PRINCESS ST 799,000 838,000 39,000 5 4 TWNHS 2002
7620 NO 2 RD 829,000 869,000 40,000 5 3 HOUSE 9999

If you or any of your friends are thinking of buying or selling a property, please
email me at: ashuchat@shuchatgroup.com or call me at: 778-227-7325 to discuss
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