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.
|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|
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