Largest Price Declines for Homes for Sale in Richmond


Blog by Arnold Shuchat | August 24th, 2013


For ease of reference, the bracketed numbers represent previous weeks' data.

This Real Estate Report covers the last 14 days from August 10 to August 24th inclusive (as of Saturday am). The bracketed numbers represent 1 week periods from previous reports, so in general this week's numbers should be about double the bracketed ones.

During this latest period there were 99 (41)(57)(67) (63)  price changes in Richmond, 92 (40) (56) (63) of which were price reductions. 

The average price reduction was $33,336 ($44,744) ($25,307) ($39,645) ($41,727) or 4%.

Apartment price declines were on average by $16,552 ($19,224)($10,571) ($15,033)($12,465)  or 4% (4%) (3%) (3%).
Single Family Dwelling declines averaged $58,005 ($62,004) ($38,928) ($67,922) ($81,800) or 4% (4%) (5%) (6%).
Townhouses fell by $17,293 ($22,999) ($15,455) ($15,033) ($12,800) or 3% (3%) (3%) (2%) on average. 
There were no diuplex price reductions this period. 

Over the week there were 239 (148) (146) (156) (139) new listings of which:
50 (37) (31) (32) (34)  were townhouses,
96 (56) (56) (58) (57) were houses 
4 (2) (4) (3) (1) were duplexes and
86 (48) (49) (63) (49) were apartments. 
and the balance were miscellaneous properties such as hotel rooms, inaccesible lots etc..

The absorption rate or ratio of sales to new listings this period was 72% (47%)(58%) overall, but was:

92% (51%) (61%) (72%) (52.9%) townhouses,
66.7% (50%) (54%) (53%) (67.9) houses,
70.9% (44%) (69%)(67%) (65%) for apartments.

Townhouses continue to the be the industry leading segment in Richmond from the point of view of demand.  Once again I believe it is the downsizing market and the lack of new product that is the major contributing factor to this absorption rate.

Here are the top price drops over the last 14 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 Yr Built
# 304 7851 NO 1 RD 160,000 188,000 28,000 0.15 1 APTU 1976
# 111 7260 LINDSAY RD 135,000 158,000 23,000 0.15 2 APTU 1974
# 312 7288 NO 3 RD 380,000 443,000 63,000 0.14 3 APTU 1993
# 901 8080 CAMBIE RD 798,000 888,000 90,000 0.10 2 APTU 2008
# 105 8120 COLONIAL DR 189,900 208,800 18,900 0.09 1 APTU 1977
6600 MAPLE RD 3,080,000 3,380,000 300,000 0.09 6 HOUSE 1991
# 311 7288 NO 3 RD 500,000 545,000 45,000 0.08 4 APTU 1993
# 1802 5911 ALDERBRIDGE WY 299,888 324,900 25,012 0.08 1 APTU 1998
4931 TILTON RD 2,780,000 2,988,000 208,000 0.07 5 HOUSE 2010
10331 WHISTLER PL 1,890,000 2,030,000 140,000 0.07 5 HOUSE 2012
8771 DELAWARE RD 2,780,000 2,980,000 200,000 0.07 5 HOUSE 2013
3951 OSMOND AV 1,588,000 1,698,888 110,888 0.07 5 HOUSE 2011
# 115 9373 HEMLOCK DR 348,000 369,800 21,800 0.06 1 APTU 2008
# 1805 9188 HEMLOCK DR 838,000 888,000 50,000 0.06 3 APTU 2006
# 17 4711 BLAIR DR 475,000 503,000 28,000 0.06 3 TWNHS 2002
# 404 7011 BLUNDELL RD 349,000 369,000 20,000 0.05 2 APTU 1994
5580 CATHAY RD 1,599,000 1,689,000 90,000 0.05 6 HOUSE 1992
9891 GLENTHORNE DR 899,000 949,000 50,000 0.05 4 HOUSE 1971
9931 SHELL RD 1,128,000 1,188,000 60,000 0.05 7 HOUSE 2004
# 302 7411 MINORU BV 265,000 279,000 14,000 0.05 2 APTU 1982
# 1 6360 LYNAS LN 378,800 398,800 20,000 0.05 2 TWNHS 1984
# 6 9000 GRANVILLE AV 569,000 599,000 30,000 0.05 3 TWNHS 2009
5571 CLEARWATER DR 998,000 1,050,000 52,000 0.05 4 HOUSE 1973
4291 STEVESTON HY 998,000 1,050,000 52,000 0.05 5 HOUSE 2001
# 708 5028 KWANTLEN ST 499,900 525,000 25,100 0.05 3 APTU 2006
5579 HANKIN DR 1,238,000 1,298,000 60,000 0.05 4 HOUSE 1992
# 208 8591 WESTMINSTER HY 238,500 249,900 11,400 0.05 2 APTU 1982
9580 THOMAS PL 858,000 899,000 41,000 0.05 3 HOUSE 1987
# 29 9688 KEEFER AV 629,000 659,000 30,000 0.05 3 TWNHS 2009
10371 AINTREE CR 1,890,000 1,980,000 90,000 0.05 4 HOUSE 2012



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.