Largest Price Declines for Homes for Sale in Richmond


Blog by Arnold Shuchat | September 6th, 2013


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

This Real Estate Report covers the last 12 days from August 24 September 6 (as of Friday am). The bracketed numbers represent prior periods.

During this latest period there were  98 (99) (41)(57)(67) (63)  price changes in Richmond, 96 (92) (40) (56) (63) of which were price reductions. 

The average price reduction was $33,447 ($33,336) ($44,744) ($25,307) ($39,645) ($41,727) or 3%.

Apartment price declines were on average by $13,617 ($16,552) ($19,224)($10,571) ($15,033)($12,465)  or 3% (4%).

Single Family Dwelling declines averaged $55,431 ($58,005) ($62,004) ($38,928) ($67,922) ($81,800) or 4% (4%) [trending to lower price reductions over the past few months].

Townhouses fell by $16,832 ($17,293) ($22,999) ($15,455) ($15,033) ($12,800) or 3% (3%) on average. 

There was one Duplex price reduction of $100,000 or 5% this period. 

Over this last period there were 244 (239) (148) (146) (156) (139) new listings of which:
65 (50) (37) (31) (32) (34)  were townhouses,
87 (96) (56) (56) (58) (57) were houses 
3 (4) (2) (4) (3) (1) were duplexes and
86 (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 51.2% (72%) (47%)(58%) overall, but was:

41.5% (92%) (51%) (61%) (72%) (52.9%) townhouses,
60.9% (66.7%) (50%) (54%) (53%) (67.9) houses,
48.8% (70.9%) (44%) (69%)(67%) (65%) for apartments.

Here are the top price drops over the last 12 days equal to or in excess of 5% which equates to the top 25% on the list. 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 Built
# 6E1 8191 RIVER RD 79,000 89,500 10,500 12 1 HOUSE 9999
7531 MCMATH RD 999,000 1,080,000 81,000 8 4 HOUSE 1983
8360 BLUNDELL RD 1,555,000 1,680,000 125,000 7 6 HOUSE 2007
9700 PIGOTT DR 1,290,000 1,390,000 100,000 7 7 HOUSE 1992
# 115 8880 NO 1 RD 249,000 268,000 19,000 7 2 APTU 1975
17371 FEDORUK RD 5,850,000 6,280,000 430,000 7 4 HOUSE 2010
7288 GILHURST CR 1,868,000 1,998,000 130,000 7 5 HOUSE 2009
7480 CHELSEA RD 2,298,000 2,438,000 140,000 6 5 HOUSE 2012
# 118 6233 LONDON RD 688,800 729,000 40,200 6 3 APTU 2007
# 1602 8120 LANSDOWNE RD 1,390,000 1,468,000 78,000 5 2 APTU 2009
# 709 6888 COONEY RD 318,000 335,800 17,800 5 1 APTU 2012
# 96 6600 LUCAS RD 538,000 568,000 30,000 5 2 TWNHS 1977
10491 SCEPTRE CR 1,099,000 1,160,000 61,000 5 4 HOUSE 1972
8575 - 8577 NO 2 RD 1,880,000 1,980,000 100,000 5 10 DUPLX 2000
# 313 8391 BENNETT RD 189,900 199,900 10,000 5 2 APTU 1981
# 7 9133 SILLS AV 499,000 525,000 26,000 5 3 TWNHS 2003
# 105 9188 HEMLOCK DR 309,000 325,000 16,000 5 1 APTU 2006
7431 SUNNYMEDE CR 1,760,000 1,850,000 90,000 5 5 HOUSE 1988
9599 SAUNDERS RD 1,980,000 2,080,000 100,000 5 5 HOUSE 2012
# 36 8551 GENERAL CURRIE RD 598,000 628,000 30,000 5 3 TWNHS 1989
12800 JACK BELL DR 799,000 838,000 39,000 5 3 HOUSE 1993
10431 AINTREE CR 799,000 837,500 38,500 5 3 HOUSE 1959
7971 GABRIOLA GT 1,680,000 1,760,000 80,000 5 5 HOUSE 2007


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.