Largest Price Declines for Homes for Sale in Richmond


Blog by Arnold Shuchat | June 14th, 2013


For ease of reference, the bracketed numbers represent last week's stats.

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.

Happy Hunting!

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

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.