This last 7 days from June 7-14 (as of Friday morning), there were 73 (111) price changes in Richmond of which all but 3 (3) were price reductions. The average price reduction was $28,972 ($35,457) or 4% (4%). Apartment price declines were on average by $15,088 ($17,951) or 4% (5%), while SFD declines averaged $45,357 orf 4% ($47,275 (4%) and townhouses fell by $16,188 or 3% ($17,264) (3%) on average. Again, our own experience is that townhouse prices have been holding somewhat firm in comparison to the other types of property which has been supported by this data for a few weeks now.
Over the week there were 153 (183) new listings of which 33 (32) were townhouses, 62 (71)were houses, 1 (3) was a duplex and 56 (71) were apartments. This is the third straight week of declines for new apartment listings.
The absorption rate or ratio of sales to new listings this week was 70% (78%) for townhouses, 32% (44%) for houses, 59% (49%) for apartments. Townhouses continue to be absorbed at a higher rate than the other types of property and once again the interest in townhouses is supported by the fact that price reductions for them are the least of the property groups.
Here are the top price drops over the last 7 days equal to or in excess of 5%. 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 Built|
|4751 TILTON RD||1,725,000||1,999,000||274,000||14||4||HOUSE||1950|
|# 305 7280 LINDSAY RD||178,000||198,000||20,000||10||3||APTU||1974|
|7613 EPERSON RD||1,090,000||1,200,000||110,000||9||5||HOUSE||2005|
|7660 CHEVIOT PL||1,099,800||1,188,000||88,200||7||4||HOUSE||9999|
|# 12 6100 WOODWARDS RD||528,000||570,000||42,000||7||2||TWNHS||1998|
|# 235 12875 RAILWAY AV||429,000||459,000||30,000||7||2||APTU||1989|
|9431 DESMOND RD||1,488,800||1,588,000||99,200||6||6||HOUSE||2003|
|# 380 8160 WILLIAMS RD||186,000||198,000||12,000||6||3||APTU||1975|
|# 601 9373 HEMLOCK DR||619,900||658,900||39,000||6||2||APTU||2008|
|# 706 6080 MINORU BV||328,000||348,000||20,000||6||1||APTU||1997|
|10611 MCKESSOCK PL||849,000||899,000||50,000||6||5||HOUSE||1994|
|# 1703 7373 WESTMINSTER HY||529,000||559,000||30,000||5||2||APTU||2007|
|# 168 8140 WILLIAMS RD||135,800||143,500||7,700||5||2||APTU||1974|
|# 2 8191 RIVER RD||179,000||189,000||10,000||5||1||HOUSE||1978|
|# 166 7293 MOFFATT RD||182,000||192,000||10,000||5||1||APTU||1981|
|10831 SOUTHRIDGE RD||915,000||965,000||50,000||5||4||HOUSE||1956|
|9751 STEVESTON HY||915,000||965,000||50,000||5||4||HOUSE||1956|
|# 54 3088 AIREY DR||530,000||558,000||28,000||5||4||TWNHS||1999|
|# 311 8400 LANSDOWNE RD||256,800||269,800||13,000||5||2||APTU||1981|
|# 39 9111 NO 5 RD||399,900||419,000||19,100||5||3||TWNHS||1977|
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