Largest Price Declines for Homes for Sale in Richmond


Blog by Arnold Shuchat | July 13th, 2013


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

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

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.