Largest Price Declines for Homes for Sale in Richmond


Blog by Arnold Shuchat | June 29th, 2013


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

This last 7 days from June 22-29 (as of Saturday morning), there were 83(76) price changes in Richmond of which all but 5 (3) were price reductions. The average price reduction was $36,949($44,943) or 4% (4%). Apartment price declines were on average by $23,997($22,807) or 4%(4%), while SFD declines averaged $48,791($67,792) or 4% and townhouses fell by $14,817 ($19,956) 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 145 (212) new listings of which 34(60) were townhouses, 53(65) were houses, 2(1) were duplexes and 57(78) were apartments. 

The absorption rate or ratio of sales to new listings this week was 64.7%(33%) for townhouses, 54.7%(61.5%) for houses, 47.1%(43.5%) for apartments. It was a good week for townhouses and houses and I am sensing that sellers who may have missed the high market of 2 years ago will be taking advantage of these increased absorption rates by listing now at more realistic prices.

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
# 1800 8100 SABA RD 2,600,000 2,880,000 280,000 10 4 APTU 2002
11311 SEATON RD 1,555,000 1,688,000 133,000 8 5 HOUSE 2013
5631 BLUNDELL RD 890,000 960,000 70,000 7 5 HOUSE 1959
6360 BOUCHARD CT 1,028,000 1,098,000 70,000 6 5 HOUSE 1986
10540 BUTTERMERE DR 1,480,000 1,580,000 100,000 6 5 HOUSE 1989
# 228 8460 ACKROYD RD 209,900 223,500 13,600 6 2 APTU 1984
# 222 7531 MINORU BV 309,800 329,800 20,000 6 2 APTU 1983
8351 WILLIAMS RD 1,577,000 1,677,000 100,000 6 6 HOUSE 1996
# 413 8180 JONES RD 338,800 359,800 21,000 6 2 APTU 1994
10171 NO 5 RD 1,130,000 1,200,000 70,000 6 9 HOUSE 1988
# 509 8100 SABA RD 299,900 318,000 18,100 6 1 APTU 2003
9317 NO 1 RD 829,000 879,000 50,000 6 5 HOUSE 2003
# 211 4211 BAYVIEW ST 499,000 529,000 30,000 6 2 APTU 2006
# 212 9288 ODLIN RD 300,000 318,000 18,000 6 1 APTU 2009
# 307 8740 NO 1 RD 268,800 284,900 16,100 6 3 APTU 1975
# 213 8860 NO 1 RD 159,500 169,000 9,500 6 1 APTU 1974
6560 FRANCIS RD 1,699,000 1,799,000 100,000 6 6 HOUSE 2002
# 1801 7360 ELMBRIDGE WY 1,039,800 1,098,000 58,200 5 3 APTU 2008
# 903 5911 ALDERBRIDGE WY 269,990 285,000 15,010 5 2 APTU 1998
3071 STEVESTON HY 1,080,000 1,140,000 60,000 5 3 HOUSE 9999
5891 MUSGRAVE CR 1,328,000 1,398,000 70,000 5 6 HOUSE 1992
10231 NO 5 RD RD 950,000 1,000,000 50,000 5 4 HOUSE 1971
10211 NO 5 RD RD 950,000 1,000,000 50,000 5 4 HOUSE 1971
9040 NO 2 RD 998,000 1,050,000 52,000 5 7 HOUSE 1968
9574 PICKERING DR 826,800 868,000 41,200 5 3 HOUSE 1979
# 308 7751 MINORU BV 243,900 255,900 12,000 5 1 APTU 1984
# 25 3088 FRANCIS RD 818,000 858,000 40,000 5 4 APTU 2004
11720 SEACLIFF RD 738,900 775,000 36,100 5 3 HOUSE 9999
# 208 8040 RYAN RD 205,000 215,000 10,000 5 3 APTU 1970
# 37 7833 HEATHER ST 649,000 680,000 31,000 5 4 TWNHS 2004
9571 NEILL PL 1,298,000 1,359,999 61,999 5 5 HOUSE 1980

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.