Largest Price Declines for Homes For Sale in Richmond


Blog by Arnold Shuchat | July 27th, 2013


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

This last 7 days from July 21-27 (as of Saturday morning), there were 67 (63)  price changes in Richmond 63 of which were price reductions. 

The average price reduction was $39,645 ($41,727) or 4%.
Apartment price declines were on average by $15,033($12,465)  or 3% (3%).
Single Family Dwelling declines averaged $67,922 ($81,800) or 5% (6%).
Townhouses fell by $15,033 ($12,800) or 3% (2%) on average.  

Over the week there were156 (139) new listings of which:
32 (34)  were townhouses,
58 (57) were houses 
3 (1) were a duplex and
63 (49) were apartments. 

The absorption rate or ratio of sales to new listings this week was:
72% (52.9%) townhouses,
53% (67.9) houses,
67% (65%) 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 Yr Built
# 308 7080 NO 3 RD 416,000 499,000 83,000 17 2 APTU 2009
10040 RAILWAY AV 1,090,000 1,280,000 190,000 15 5 HOUSE 1994
9091 PINEWELL CR 1,218,000 1,398,000 180,000 13 5 HOUSE 1999
8820 NO 4 RD 1,399,000 1,580,000 181,000 11 5 HACR 2001
# 324 8500 ACKROYD RD 180,000 199,900 19,900 10 1 APTU 1984
# 901 5911 MINORU BV 65,000 72,000 7,000 10 1 APTU 1999
# 115 5800 ANDREWS RD 299,000 328,000 29,000 9 1 APTU 1997
# 1803 3111 CORVETTE WY 1,098,000 1,198,000 100,000 8 2 APTU 2010
# 7006 8080 GRANVILLE AV 555,000 599,000 44,000 7 2 APTU 2009
4851 WINTERGREEN AV 1,850,000 1,988,000 138,000 7 5 HOUSE 2012
10588 SPRINGWOOD CR 2,050,000 2,199,000 149,000 7 3 HOUSE 2013
7920 THORMANBY CR 2,238,000 2,388,000 150,000 6 5 HOUSE 2013
8851 WHEELER RD 1,780,000 1,890,000 110,000 6 5 HOUSE 2006
10528 SPRINGWOOD CR 1,980,000 2,100,000 120,000 6 4 HOUSE 2013
10351 FRESHWATER DR 849,000 899,900 50,900 6 4 HOUSE 1975
10420 HOLLYMOUNT DR 828,000 875,000 47,000 5 3 HOUSE 1979
# 12 9133 SILLS AV 538,000 568,000 30,000 5 3 TWNHS 2003
3251 FRANCIS RD 758,000 799,888 41,888 5 3 HOUSE 1958


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.