Largest Price Declines for Homes For Sale in Richmond


Blog by Arnold Shuchat | June 7th, 2013


Here is a Father's Day gift for those dad's under the gun to buy a new family home in Richmond.  Publishing these price reduction blogs on a regular basis is time consuming.  But this week's Price Reduction report was even more so.  I have observed that for almost every week that the price reductions are published, the average reduction is between 4-5% regardless of property type, give or take 1%.  Under a hypothesis that those averages do not really tell the whole story, I conducted a search of every price reduction listing to review the price history from the time it was first listed.  The results yield a completely different story as I suspected.  I am not going to undertake this every week, but as an eye opener and to make a point of what's really going on I did it this week.  The numbers speak for themselves and here is the summary:

The average price reduction since originally listed is 11% instead of the most recent 5%.  But, if we take the top 10 price reductions since listed, the average is approximately 20%!  And, the properties are not yet sold!

I could break the data down by property type, but I think the better conclusion relates more to seller delusion and human nature than to property type.  There must be a lot of tension in alot of households and the only people who could eliminate that tension are buyers.  No matter what you do in this market, get good representation on the buy side.  The time is ripe.

I am reminded of stories that I heard of Henry VIII's hunting expeditions.  To assure success, he had his staff cram a reserve in the woods with sufficient game so that he couldn't miss a kill.  From a property standpoint in Richmond, we are getting there.  Hunting anybody?  Have a great weekend!

% 1st Listed Total
Address LP Prev LP Change Change Price Change Tot BR Dwell
5604 CORNWALL DR 1,298,000 1,398,000 100,000 7 1,780,000 27 6 HOUSE
8891 CARRICK RD 898,000 928,000 30,000 3 1,200,000 25 5 HOUSE
# 335 12875 RAILWAY AV 439,900 458,800 18,900 4 549,800 20 2 APTU
9220 BAKERVIEW DR 950,000 1,050,000 100,000 10 1,180,000 19 3 HOUSE
5537 HANKIN DR 1,425,000 1,548,000 123,000 8 1,737,000 18 6 HOUSE
# 306 7671 ABERCROMBIE DR 415,000 438,880 23,880 5 479,900 14 2 APTU
# 1001 7760 GRANVILLE AV 475,000 519,000 44,000 8 548,800 13 2 APTU
4097 CAVENDISH DR 699,000 729,000 30,000 4 799,000 13 3 HOUSE
6351 BARNARD DR 1,188,000 1,218,000 30,000 2 1,350,000 12 5 HOUSE
# 136 5880 DOVER CR 419,000 433,000 14,000 3 474,880 12 2 APTU
# 27 7733 HEATHER ST 549,000 558,000 9,000 2 619,000 11 3 TWNHS
# 311 5880 DOVER CR 345,000 368,000 23,000 6 388,000 11 2 APTU
3633 GRANVILLE AV 1,138,000 1,198,000 60,000 5 1,268,000 10 4 HOUSE
# 1403 8871 LANSDOWNE RD 409,800 419,000 9,200 2 453,000 10 2 APTU
9871 PINEWELL CR 999,888 1,018,888 19,000 2 1,099,000 9 4 HOUSE
# 16 11711 STEVESTON HY 574,900 589,000 14,100 2 625,880 8 4 TWNHS
6791 MAYFLOWER DR 2,198,000 2,380,000 182,000 8 2,380,000 8 5 HOUSE
11140 BLUNDELL RD 1,850,000 1,929,000 79,000 4 1,998,500 7 6 HACR
9871 SEAVALE RD 888,000 958,000 70,000 7 958,000 7 9 HOUSE
# 217 5700 ARCADIA RD 399,500 408,000 8,500 2 428,000 7 2 APTU
# 16 10222 NO 1 RD 549,900 569,900 20,000 4 588,000 6 3 TWNHS
8620 CADOGAN RD 1,968,000 1,988,000 20,000 1 2,098,000 6 5 HOUSE
# 601 9373 HEMLOCK DR 619,900 658,900 39,000 6 658,900 6 2 APTU
10620 GILMORE CR 499,000 529,000 30,000 6 529,000 6 2 HOUSE
# 1703 7373 WESTMINSTER HY 529,000 559,000 30,000 5 559,000 5 2 APTU
6451 NO 1 RD 1,039,800 1,098,000 58,200 5 1,098,000 5 4 HOUSE
10460 BISSETT DR 899,900 949,000 49,100 5 949,000 5 5 HOUSE
# 39 9111 NO 5 RD 399,900 419,000 19,100 5 419,000 5 3 TWNHS
Averages 44,749 5 11
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
a detailed purchasing or marketing plan which could help save thousands of dollars.