Largest Price Declines for Homes for Sale in Richmond


Blog by Arnold Shuchat | August 11th, 2013


This weekly list continues to shrink!
For ease of reference, the bracketed numbers represent previous weeks' data.

This last 7 days from August 4 to August 10th inclusive (as of late Saturday night), there were 41 (57)(67) (63)  price changes in Richmond, 40 (56) (63) of which were price reductions. 

The average price reduction was $44,744 ($25,307) ($39,645) ($41,727) or 4%.

Apartment price declines were on average by $19,224($10,571) ($15,033)($12,465)  or 4% (4%) (3%) (3%).
Single Family Dwelling declines averaged $62,004 ($38,928) ($67,922) ($81,800) or 4% (4%) (5%) (6%).
Townhouses fell by $22,999 ($15,455) ($15,033) ($12,800) or 3% (3%) (3%) (2%) on average. 
There were no diuplex price reductions thisi last week. ($34,500) or 4%. 

Over the week there were 148 (146) (156) (139) new listings of which:
37 (31) (32) (34)  were townhouses,
56 (56) (58) (57) were houses 
2 (4) (3) (1) were a duplex and
48 (49) (63) (49) were apartments. 
and 4 were miscellaneous properties such as hotel rooms, inaccesible lots etc..

The absorption rate or ratio of sales to new listings this week was 47%(58%) overall, but was:

51% (61%) (72%) (52.9%) townhouses,
50% (54%) (53%) (67.9) houses,
44% (69%)(67%) (65%) for apartments.

Please bear in miind that last weekend was BC weekend giving us a shorter and less productive work week. I don't think the above numbers warrant the establishment of a new "Bear Market Blog"...

Here are the top price drops over the last 7 days equal to or in excess of 5%.  However a word of caution is necessary.  I don't always publish these numbers at the same time such that a tally 7 days back taken in the morning as opposed to late in the day may indicate a reduced count of something that might otherwise be reported later in the day.  In addition, while there is a bias in favour of "getting a listing up and running", the compliance with the reporting of sales may be a little more lax such that a report 3 weeks later would likely show more accurate numbers.  It follows then that "Sales to Active listing" numbers can be reasonably taken to be understated in these type of real time up to the minute reports as the sales are likely lagging as opposed to the listing numbers.

Address LP Prev LP Change % Change Tot BR Dwell Year Blt
# 508 8288 LANSDOWNE RD 233,000 263,000 30,000 11 0 APTU 2008
# 1803 6888 ALDERBRIDGE WY 1,038,000 1,138,000 100,000 9 3 APTU 2008
# 203 7180 LINDSAY RD 119,000 129,000 10,000 8 2 APTU 1972
# 1217 5115 GARDEN CITY RD 489,000 529,000 40,000 8 3 APTU 2004
6231 DUNSMUIR CR 1,298,800 1,399,000 100,200 7 4 HOUSE 1997
5251 BUNTING AV 1,070,000 1,148,000 78,000 7 4 HOUSE 1989
8180 SEAFAIR DR 2,688,000 2,880,000 192,000 7 5 HOUSE 2012
9311 - 9351 NO 6 RD 4,300,000 4,600,000 300,000 7 4 HACR 1978
9860 AQUILA RD 1,488,888 1,588,888 100,000 6 5 HOUSE 2013
10431 AINTREE CR 837,500 888,000 50,500 6 3 HOUSE 1959
6811 WHITEOAK DR 1,368,000 1,438,000 70,000 5 5 HOUSE 1979
# 120 9288 ODLIN RD 399,000 419,000 20,000 5 2 APTU 2009
3768 BARMOND AV 1,998,000 2,098,000 100,000 5 5 HOUSE 2013
8008 ASH ST 629,000 660,000 31,000 5 3 HOUSE 1985
6380 TASEKO CR 849,000 889,500 40,500 5 3 HOUSE 1963

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.