Largest Price Declines for Homes for Sale in Richmond


Blog by Arnold Shuchat | September 22nd, 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 6 days from September 16 to September 21(as of Saturday pm....nothing gets posted on the weekend anyway!). The bracketed numbers represent similar prior periods.

During this latest period there were 55 (67) (98) (99) (41)(57)(67) (63)  price changes in Richmond, 50 (62) (96) (92) (40) (56) (63) of which were price reductions. 

The average price reduction was $27,186 ($32,663) ($33,447) ($33,336) ($44,744) ($25,307) ($39,645) ($41,727) or 3%(4%) (3%).

Apartment price declines were on average by $10,408 ($15,857) ($13,617) ($16,552) ($19,224)($10,571) ($15,033)($12,465)  or 3% (4%)(3%) (4%).

Single Family Dwelling declines averaged $52,121 ($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 $27,362 ($21,355) ($16,832) ($17,293) ($22,999) ($15,455) ($15,033) ($12,800) or 3% (3%). 

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

38 (39) (65) (50) (37) (31) (32) (34)  were townhouses,
59 (69) (87) (96) (56) (56) (58) (57) were houses 
3 (3) (3) (4) (2) (4) (3) (1) were duplexes and
56 (63) (86) (86) (48) (49) (63) (49) were apartments. 

The absorption rate or ratio of sales to new listings this period was 52.5% (46.8%) (51.2%) (72%) (47%)(58%) overall, but was:

42.1% (38.4%) (41.5%) (92%) (51%) (61%) (72%) (52.9%) for townhouses,
47.4% (55%) (60.9%) (66.7%) (50%) (54%) (53%) (67.9) for houses,
64.2% (41.3%) (48.8%) (70.9%) (44%) (69%)(67%) (65%) for apartments.

Here are the top price drops over the last 6 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.

This is the Top 10 this week out of the 51 price reductions.  For the complete list, just email me.

Address LP Prev LP Change % Change Tot BR Dwell Yr Blt
9660 AQUILA RD 1,090,000 1,236,000 146,000 12 6 HOUSE 1987
4460 STONECROP AV 999,000 1,080,000 81,000 8 3 HOUSE 1982
# 235 12875 RAILWAY AV 399,900 429,000 29,100 7 2 APTU 1989
10211 NO 5 RD 899,000 950,000 51,000 5 4 HOUSE 1971
10231 NO 5 RD 899,000 950,000 51,000 5 4 HOUSE 1971
9211 WALFORD ST 850,000 898,000 48,000 5 4 HOUSE 1996
6171 BASSETT RD 1,599,000 1,688,000 89,000 5 5 HOUSE 1995
# 13 9088 DIXON AV 560,000 589,000 29,000 5 3 TWNHS 1999
# 601 8246 LANSDOWNE RD 275,000 288,000 13,000 5 1 APTU 1996
7340 BARKERVILLE CT 1,058,000 1,108,000 50,000 5 3 HOUSE 1973


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.