Largest Price Declines for Homes for Sale in Richmond


Blog by Arnold Shuchat | October 20th, 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 10 days from October 11 to October 20(as of Sunday am....nothing gets posted on the weekend anyway!). The bracketed numbers represent prior (but possibly disimilar) periods.

During this latest period there were 79 (61) (55) (67) (98) (99) (41)(57)(67) (63)  price changes in Richmond,75 (59) (50) (62) (96) (92) (40) (56) (63) of which were price reductions. 

The average price reduction was $29,309 ($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 $13,616 ($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 $64,233 ($76,568) ($52,121) ($50,911) ($55,431) ($58,005) ($62,004) ($38,928) ($67,922) ($81,800) or 4% (5%) (4%) (4%) [the largest % drop in the last 6 months).

Townhouses price declines averaged $16,600 ($12,054) ($27,362) ($21,355) ($16,832) ($17,293) ($22,999) ($15,455) ($15,033) ($12,800) or 3% (2%) (3%) (3%). 

1 4Plex declined by $62,000 or 6%

Over this last period there were 138 (126) (156) (175) (244) (239) (148) (146) (156) (139) new listings of which:

14 (18) (38) (39) (65) (50) (37) (31) (32) (34)  were townhouses,
54 (65) (59) (69) (87) (96) (56) (56) (58) (57) were houses 
3 (2) (3) (3) (3) (4) (2) (4) (3) (1) were duplexes and
62 (41) (56) (63) (86) (86) (48) (49) (63) (49) were apartments. 

The absorption rate or ratio of sales to new listings this period was 69.6 (66.6%) (52.5%) (46.8%) (51.2%) (72%) (47%)(58%) overall, but was:

135% (105%) (42.1%) (38.4%) (41.5%) (92%) (51%) (61%) (72%) (52.9%) for townhouses,
79.6% (44.6%) (47.4%) (55%) (60.9%) (66.7%) (50%) (54%) (53%) (67.9) for houses,
53.2% (82.9%) (64.2%) (41.3%) (48.8%) (70.9%) (44%) (69%)(67%) (65%) for apartments.

Here are the top price drops over the last 10 days equal to or in excess of 5% which equates to the top 29% 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 22 Top Price Reductions over 5% this week out of the 75 price reductions.  For the complete list, just email me.

Address LP Prev LP Change % Change Tot BR Dwell Year Built
# 230 8500 ACKROYD RD 260,000 305,000 45,000 15 2 APTU 1984
5531 CLEARWATER DR 1,080,000 1,238,000 158,000 13 5 HOUSE 1973
# 204 8011 RYAN RD 156,000 175,000 19,000 11 3 APTU 1973
# 203 6191 BUSWELL ST 336,000 368,000 32,000 9 2 APTU 1997
# 303 8880 COOK RD 209,800 229,000 19,200 8 2 APTU 1978
# 808 5860 DOVER CR 638,000 685,000 47,000 7 3 APTU 1997
# 8 5580 MONCTON ST 699,888 749,888 50,000 7 4 TWNHS 2011
# 1307 6333 KATSURA ST 458,000 488,000 30,000 6 2 APTU 2008
# 16 7111 LYNNWOOD DR 458,000 488,000 30,000 6 2 TWNHS 1999
3751 LOCKHART RD 1,588,800 1,688,800 100,000 6 7 HOUSE 2009
# 101 8011 RYAN RD 159,000 169,000 10,000 6 3 APTU 1973
8760 - 8780 ROSEMARY AV 1,038,000 1,100,000 62,000 6 10 4PLEX 1969
5800 RIVERDALE DR 1,690,000 1,790,000 100,000 6 4 HOUSE 1997
12411 FLURY DR 728,000 770,000 42,000 5 4 HOUSE 9999
# 130 12639 NO 2 RD 282,800 299,000 16,200 5 1 APTU 1998
8251 CLAYSMITH RD 3,780,000 3,988,000 208,000 5 5 HOUSE 2008
# 10 8231 FRANCIS RD 559,000 589,000 30,000 5 3 TWNHS 1990
8400 FRANCIS RD 938,000 988,000 50,000 5 4 HOUSE 2004
10920 BAMBERTON DR 950,000 999,900 49,900 5 4 HOUSE 1976
9531 GORMOND RD 1,699,000 1,788,000 89,000 5 5 HOUSE 2011
# 22 22888 WINDSOR CT 368,888 388,000 19,112 5 3 TWNHS 1996
10180 GRANVILLE AV 835,000 875,000 40,000 5

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.