Largest Price Declines for Homes for Sale in Richmond


Blog by Arnold Shuchat | June 21st, 2013


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

This last 7 days from June 14-21 (as of Friday morning), there were 76(73) price changes in Richmond of which all but 3 (3) were price reductions. The average price reduction was $44,943($28,972) or 4% (4%). Apartment price declines were on average by $22,807($15,088) or 5%(4%), while SFD declines averaged $67,792 ($45,357) or 4% and townhouses fell by $19,956 ($16,188) or 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 212 (153) new listings of which 60 (33) were townhouses, 65 (62) were houses, 1 (1) was a duplex and 78 (56) were apartments. 

The absorption rate or ratio of sales to new listings this week was 33% (70%) for townhouses, 61.5% (32%) for houses, 43.5%(59%) for apartments. It was a good week for houses but I sense pent up selling demand will increase the listing count.

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 Blt
# 128 8051 RYAN RD 104,000 135,000 31,000 23 2 APTU 1973
# 1800 8100 SABA RD 2,600,000 2,880,000 280,000 10 4 APTU 2002
8620 CADOGAN RD 1,978,000 2,188,800 210,800 10 5 HOUSE 2012
3511 RAYMOND AV 1,890,000 2,088,000 198,000 9 5 HOUSE 2012
11311 SEATON RD 1,555,000 1,688,000 133,000 8 5 HOUSE 2013
4928 WINTERGREEN AV 2,398,000 2,598,000 200,000 8 5 HOUSE 2009
# 3 8091 NO 2 RD 609,800 658,000 48,200 7 3 TWNHS 2013
10700 WESTMINSTER HY 649,000 699,000 50,000 7 3 HOUSE 1953
# 117 8100 JONES RD 315,000 339,000 24,000 7 2 APTU 1996
9271 DIAMOND RD 908,000 977,000 69,000 7 3 HOUSE 1959
6988 DONALD RD 1,398,000 1,499,000 101,000 7 5 HOUSE 2010
7611 MONTANA RD 2,799,000 2,999,999 200,999 7 6 HOUSE 1992
# 122 5800 ANDREWS RD 279,000 299,000 20,000 7 1 APTU 1997
6531 COLTSFOOT DR 989,000 1,058,000 69,000 7 3 HOUSE 1973
9400 NO 2 RD 1,298,000 1,388,000 90,000 6 5 HOUSE 1989
# 508 8297 SABA RD 279,900 298,000 18,100 6 1 APTU 1997
9751 PIGOTT RD 1,580,000 1,680,000 100,000 6 5 HOUSE 2009
# 413 8180 JONES RD 338,800 359,800 21,000 6 2 APTU 1994
# 211 4211 BAYVIEW ST 499,000 529,000 30,000 6 2 APTU 2006
7511 WATERTON DR 1,198,000 1,268,000 70,000 6 4 HOUSE 1974
# 211 7435 MOFFATT RD 348,000 368,000 20,000 5 2 APTU 1991
# 162 8611 ACKROYD RD 358,000 378,000 20,000 5 2 APTU 1990
5451 WOODWARDS RD 1,068,000 1,126,000 58,000 5 4 HOUSE 1989
# 314 7295 MOFFATT RD 205,000 215,000 10,000 5 1 APTU 1981
6600 RIVERDALE DR 2,080,000 2,180,000 100,000 5 4 HOUSE 2012
3260 GARDEN CITY RD 1,048,900 1,099,000 50,100 5 6 HOUSE 2012
6111 BASSETT RD 2,098,000 2,198,000 100,000 5 5 HOUSE 2013
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
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