Largest Price Declines for Homes for Sale in Richmond


Blog by Arnold Shuchat | July 20th, 2013


For ease of reference, the bracketed numbers represent previous week's data.

This last 7 days from July 14-20 (as of Saturday morning), there were 63 (75)(55) price changes in Richmond all of which were price reductions.

The average price reduction was $41,727($28,027) or 4%.
Apartment price declines were on average by $12,465 ($14,343) (down 4 straight weeks) or 3% (4%).
Single Family Dwelling declines averaged $81,800 ($50,292) or 6% (4%).
Townhouses fell by $12,800($18,500) or 2% (3%) on average.  

Over the week there were 139 (164) (145) new listings of which:
34 (39) were townhouses,
53 (65) were houses (3rd straight week of decline)
1 (2) was a duplex and
49 (64) were apartments. 

The absorption rate or ratio of sales to new listings this week was:
52.9% (46%) townhouses,
67.9(32%) the highest in the last 4 weeks for houses,
65% (64%)  for apartments.

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 Year Blt
7231 PARRY ST 1,098,000 1,288,000 190,000 15 4 HOUSE 1975
6200 NO 5 RD 1,900,000 2,200,000 300,000 14 4 HOUSE 1976
7251 PARRY ST 1,120,000 1,288,000 168,000 13 5 HOUSE 1974
7971 BENNETT RD 889,000 998,000 109,000 11 3 HOUSE 1979
8711 GARDEN CITY RD 2,288,000 2,488,000 200,000 8 5 HOUSE 2012
# 1005 7040 GRANVILLE AV 369,000 398,000 29,000 7 2 APTU 1990
8700 CULLEN CR 2,660,000 2,860,000 200,000 7 5 HOUSE 2011
5280 CHETWYND AV 1,850,000 1,978,000 128,000 6 5 HOUSE 2012
# 107 8040 RYAN RD 164,000 174,800 10,800 6 3 APTU 1970
8491 GARDEN CITY RD 798,000 848,000 50,000 6 5 HOUSE 1966
8651 CAMBIE RD 799,000 849,000 50,000 6 2 HOUSE 1960
# 212 9500 ODLIN RD 468,000 496,000 28,000 6 3 APTU 2011
# 310 9500 ODLIN RD 338,000 358,000 20,000 6 2 APTU 2011
4471 TRIMARAN DR 689,000 729,000 40,000 5 3 HOUSE 1977
10373 SHEPHERD DR 699,000 738,000 39,000 5
# 109 9299 TOMICKI AV 483,000 508,000 25,000 5 3 APTU 2009
6351 WOODWARDS RD 1,048,000 1,098,000 50,000 5 5 HOUSE 1988



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.