Largest Price Declines for Homes for Sale in Richmond


Blog by Arnold Shuchat | September 16th, 2013


This is a Real Estate Market Report for Richmond, BC  which includes a list of the major price reductions on all residential property.

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

This Real Estate Report covers the last 9 days from September 7 to September 15(as of Sunday pm). The bracketed numbers represent similar prior periods.

During this latest period there were 67 (98) (99) (41)(57)(67) (63)  price changes in Richmond, 62 (96) (92) (40) (56) (63) of which were price reductions. 

The average price reduction was $32,663 ($33,447) ($33,336) ($44,744) ($25,307) ($39,645) ($41,727) or 4% (3%).

Apartment price declines were on average by $15,857 ($13,617) ($16,552) ($19,224)($10,571) ($15,033)($12,465)  or 4%(3%) (4%).

Single Family Dwelling declines averaged $50,911 ($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 price declines averaged $21,355 ($16,832) ($17,293) ($22,999) ($15,455) ($15,033) ($12,800) or 3% (3%). 

Over this last period there were 175 (244) (239) (148) (146) (156) (139) new listings of which:

39 (65) (50) (37) (31) (32) (34)  were townhouses,
69 (87) (96) (56) (56) (58) (57) were houses 
3 (3) (4) (2) (4) (3) (1) were duplexes and
63 (86) (86) (48) (49) (63) (49) were apartments. 
and the last one was a multi-family property.

The absorption rate or ratio of sales to new listings this period was 46.8% (51.2%) (72%) (47%)(58%) overall, but was:

There were 82 properties sold in the last 9 days.

38.4% (41.5%) (92%) (51%) (61%) (72%) (52.9%) for townhouses,
55% (60.9%) (66.7%) (50%) (54%) (53%) (67.9) for houses,
41.3% (48.8%) (70.9%) (44%) (69%)(67%) (65%) for apartments.

Here are the top price drops over the last 9 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 Yr Blt
9851 PIGOTT RD 1,049,000 1,168,888 119,888 10 3 HOUSE 9999
11720 SEALORD RD 759,900 839,900 80,000 10 3 HOUSE 9999
# 129 9399 ODLIN RD 498,000 549,000 51,000 9 2 APTU 2012
8660 KILGOUR PL 1,988,000 2,168,000 180,000 8 5 HOUSE 2009
# 206 6560 BUSWELL ST 247,000 269,000 22,000 8 2 APTU 1974
4840 MARIPOSA CT 2,666,000 2,899,000 233,000 8 5 HOUSE 2013
# 33 9566 TOMICKI AV 589,000 638,000 49,000 8 3 TWNHS 2011
11971 4TH AV 1,268,000 1,368,800 100,800 7 5 HOUSE 1950
# 107 7260 LINDSAY RD 143,500 154,900 11,400 7 3 APTU 1974
# 6 3600 CUNNINGHAM DR 456,900 488,800 31,900 7 3 TWNHS 1990
10611 MCKESSOCK PL 799,000 849,000 50,000 6 5 HOUSE 1994
# 107 14100 RIVERPORT WY 399,000 423,000 24,000 6 2 APTU 2006
6391 BOUCHARD CT 1,180,000 1,250,000 70,000 6 5 HOUSE 1986
# 354 8600 LANSDOWNE RD 314,000 332,000 18,000 5 2 APTU 1988
10231 NO 5 RD 899,000 950,000 51,000 5 4 HOUSE 1971
# 3 6451 PRINCESS LN 718,000 758,000 40,000 5 3 TWNHS 2011
# 212 7435 MOFFATT RD 395,000 416,800 21,800 5 2 APTU 1990
# 209 14200 RIVERPORT WY 398,000 419,800 21,800 5 2 APTU 2006
# 211 6233 LONDON RD 569,000 599,900 30,900 5 3 APTU 2008
# 1328 5133 GARDEN CITY RD 399,000 418,000 19,000 5 2 APTU 2004


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.