Largest Price Declines for Homes for Sale in Richmond


Blog by Arnold Shuchat | September 29th, 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 7 days from September 22 to September 29(as of Sunday am....nothing gets posted on the weekend anyway!). The bracketed numbers represent similar prior periods.

During this latest period there were 61 (55) (67) (98) (99) (41)(57)(67) (63)  price changes in Richmond, 59 (50) (62) (96) (92) (40) (56) (63) of which were price reductions. 

The average price reduction was $39,051 ($27,186) ($32,663) ($33,447) ($33,336) ($44,744) ($25,307) ($39,645) ($41,727) or 4% (3%)(4%) (3%).

Apartment price declines were on average by $11,100 ($10,408) ($15,857) ($13,617) ($16,552) ($19,224)($10,571) ($15,033)($12,465)  or  4% (3%) (4%)(3%) (4%).

Single Family Dwelling declines averaged $76,568 ($52,121) ($50,911) ($55,431) ($58,005) ($62,004) ($38,928) ($67,922) ($81,800) or 5% (4%) (4%) [the largest % drop in the last 6 months).

Townhouses price declines averaged $12,054 ($27,362) ($21,355) ($16,832) ($17,293) ($22,999) ($15,455) ($15,033) ($12,800) or 2% (3%) (3%). 

Over this last period there were 126 (156) (175) (244) (239) (148) (146) (156) (139) new listings of which:

18 (38) (39) (65) (50) (37) (31) (32) (34)  were townhouses,
65 (59) (69) (87) (96) (56) (56) (58) (57) were houses 
2 (3) (3) (3) (4) (2) (4) (3) (1) were duplexes and
41 (56) (63) (86) (86) (48) (49) (63) (49) were apartments. 

The absorption rate or ratio of sales to new listings this period was 66.6% (52.5%) (46.8%) (51.2%) (72%) (47%)(58%) overall, but was:

105% (42.1%) (38.4%) (41.5%) (92%) (51%) (61%) (72%) (52.9%) for townhouses,
44.6% (47.4%) (55%) (60.9%) (66.7%) (50%) (54%) (53%) (67.9) for houses,
82.9% (64.2%) (41.3%) (48.8%) (70.9%) (44%) (69%)(67%) (65%) for apartments.
100% for duplexes

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.

Here are the 17 Top Price Reductions over 5% this week out of the 59 price reductions.  For the complete list, just email me.

Address List Price Prev List Price Change % Change Tot BR Dwell Year Built
9671 HADDON CT 1,988,888 2,280,000 291,112 13 6 HOUSE 1988
8795 COOK CR 988,000 1,088,000 100,000 9 8 HOUSE 1965
7531 BRIDGE ST 1,999,000 2,180,000 181,000 8 3 HOUSE 1975
7411 FRANCIS RD 2,200,000 2,399,000 199,000 8 5 HOUSE 2012
# 105 8120 COLONIAL DR 175,000 189,900 14,900 8 1 APTU 1977
# 307 8740 NO 1 RD 249,000 268,800 19,800 7 3 APTU 1975
# 313 7431 BLUNDELL RD 208,800 225,000 16,200 7 1 APTU 1984
8511 SPIRES RD 968,000 1,038,000 70,000 7 3 HOUSE 1965
8711 CAMDEN CR 2,998,000 3,198,000 200,000 6 5 HOUSE 2013
# 2 8191 RIVER RD 168,000 179,000 11,000 6 1 HOUSE 1978
3633 GRANVILLE AV 1,038,800 1,098,000 59,200 5 5 HOUSE 2002
8851 ASHBY PL 1,088,000 1,150,000 62,000 5 4 HOUSE 1979
# 101 8975 JONES RD 220,000 232,000 12,000 5 1 APTU 1993
5020 MONCTON ST 938,000 988,000 50,000 5 4 HOUSE 1989
# 106 9260 NO 2 RD 209,000 219,900 10,900 5 2 APTU 1994
# 308 7751 MINORU BV 232,000 243,900 11,900 5 1 APTU 1984
5860 LANCING RD 2,080,000 2,180,000 100,000 5 6 HOUSE 2013








2013
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