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.
|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|
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