Largest Price Declines for Homes for Sale in Richmond


Blog by Arnold Shuchat | July 6th, 2013


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

This last 7 days from July 1-7 (as of Saturday morning), there were 55 (83) price changes in Richmond of which all but 1 (5) were price reductions. The average price reduction was $34,427 ($36,949) or 4% (4%). Apartment price declines were on average by $16,645($23,997) or 4%(4%), while SFD declines averaged $54,712 ($48,791) or 4% and townhouses fell by $15,720 ($14,817) or (3%) on average.  

It seems that SFD price declines are slighly contracting over the last month.  Although percentages for the declines are stable at a 4% average, perhaps with lower prices in general, the amounts of the price declines are less. 

Over the week there were 164 (145) new listings of which 32 (34) were townhouses, 70 (53) were houses, (2) (1) were duplexes and 59 (57) were apartments. 

The absorption rate or ratio of sales to new listings this week was 59.4% (64.7%) for townhouses, 41.4% (54.7%) for houses, 38.9% (47.1%) for apartments.  All three property types reflected decreased absorption rates over the week, but SFDs have come down the most consistently over the last 3 weeks from an absorption rate in the mid 60s to 41.4% this week.

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
8411 DORVAL RD 1,148,000 1,298,000 150,000 12 5 HOUSE 1969
3180 RIVER RD 1,750,000 1,978,000 228,000 12 6 HOUSE 1992
# 303 8080 CAMBIE RD 880,000 968,800 88,800 9 3 APTU 2008
# 11 10080 KILBY DR 428,000 468,000 40,000 9 3 TWNHS 1994
3620 BARMOND AV 1,180,000 1,280,000 100,000 8 5 HOUSE 2002
# 605 6611 MINORU BV 359,000 389,000 30,000 8 2 APTU 1973
11800 MONTEGO ST 1,120,000 1,200,000 80,000 7 8 HOUSE 2006
9662 SHIELDS AV 1,058,000 1,130,000 72,000 6 4 HOUSE 2006
3651 BLUNDELL RD 1,498,000 1,599,000 101,000 6 5 HOUSE 2011
9251 WELLMOND RD 1,958,000 2,088,000 130,000 6 5 HOUSE 2013
# 110 9288 ODLIN RD 408,800 435,000 26,200 6 2 APTU 2009
# 74 11491 7TH AV 499,800 528,800 29,000 5 3 TWNHS 1977
2271 MCLENNAN AV 899,000 949,000 50,000 5 3 HOUSE 1972
5571 CLEARWATER DR 1,050,000 1,108,000 58,000 5 4 HOUSE 1973
# 601 8068 WESTMINSTER HY 368,000 388,000 20,000 5 1 APTU 2010
# 117 8100 JONES RD 299,000 315,000 16,000 5 2 APTU 1996
# 303 7660 MINORU BV 408,000 428,000 20,000 5 2 APTU 1986
# 13 7071 BRIDGE ST 598,800 628,000 29,200 5 3 TWNHS 2007

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.