This last 7 days from July 6-13 (as of Saturday morning), there were 75(55) price changes in Richmond of which all but 1 were price reductions. The average price reduction was $28,027 or 4%. Apartment price declines were on average by $14,343 ($16,645)(down 3 straight weeks) or 4%(4%), while SFD declines averaged $50,292($54,712) or 4% and townhouses fell by ($18,500) $15,720 or (3%) on average.
Over the week there were 164 (145) new listings of which 39 (32) were townhouses, 65 (70) were houses, 2 (2) were duplexes and 64 (59) were apartments.
The absorption rate or ratio of sales to new listings this week was 46% (59.4%) (down from 64.7% 2 weeks ago) for townhouses, 32% (41.4%) down from 54.7% 2 weeks ago for houses, 64% (38.9%) a nice jump for apartments. AS you can see, townhouses and single family homes reflected decreased absorption rates over the last 2 weeks, but this week, apartments have generated renewed interest.
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! Note that the list contains only 18 properties making the cut this week!
|Address||LP||Prev LP||Price Change||% Change||Tot BR||Dwell||Yr Built|
|# 1 8251 GENERAL CURRIE RD||588,000||649,000||61,000||9||3||TWNHS||1990|
|10359 HALL AV||1,098,000||1,198,000||100,000||8||5||HOUSE||1996|
|# 1001 6080 MINORU BV||528,800||569,900||41,100||7||2||APTU||1997|
|10480 ARAGON RD||1,290,000||1,388,000||98,000||7||6||HOUSE||1995|
|# 107 7180 LINDSAY RD||125,000||133,800||8,800||7||2||APTU||1974|
|# 797 4133 STOLBERG ST||197,900||210,000||12,100||6||0||APTU||2013|
|# 1217 5115 GARDEN CITY RD||529,000||560,000||31,000||6||3||APTU||2004|
|# 120 8480 GRANVILLE AV||499,900||529,000||29,100||6||2||APTU||2005|
|# 56 6600 LUCAS RD||688,000||728,000||40,000||5||3||TWNHS||1977|
|# 607 9371 HEMLOCK DR||698,000||738,000||40,000||5||2||APTU||2009|
|# 6 8311 SAUNDERS RD||509,000||538,000||29,000||5||3||TWNHS||1979|
|9260 PINEWELL CR||1,788,000||1,888,000||100,000||5||5||HOUSE||2013|
|8451 GREENFIELD DR||1,699,000||1,788,000||89,000||5||5||HOUSE||2012|
|4860 FISHER DR||918,800||966,000||47,200||5||6||HOUSE||1993|
|# 212 7435 MOFFATT RD||416,800||438,000||21,200||5||2||APTU||1990|
|7660 NO 4 RD||1,380,000||1,450,000||70,000||5||4||HACR||1982|
|3860 EARLMOND AV||1,898,000||1,988,000||90,000||5||5||HOUSE||2013|
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