Largest Price Declines for Homes for Sale in Richmond


Blog by Arnold Shuchat | August 6th, 2013


The first thing you'll notice is that the list is shrinking!
For ease of reference, the bracketed numbers represent previous weeks' data.

This last 9 days from July 28-August 5 (as of late Monday night), there were 57(67) (63)  price changes in Richmond, 56 (63) of which were price reductions. 

The average price reduction was $25,307 ($39,645) ($41,727) or 4%.
Apartment price declines were on average by $10,571 ($15,033)($12,465)  or 4% (3%) (3%).
Single Family Dwelling declines averaged $38,928 ($67,922) ($81,800) or 4% (5%) (6%).
Townhouses fell by $15,455 ($15,033) ($12,800) or 3% (3%) (2%) on average.
Duplexes fell by $34,500 or 4%. 

Over the week there were 146 (156) (139) new listings of which:
31 (32) (34)  were townhouses,
56 (58) (57) were houses 
4 (3) (1) were a duplex and
49 (63) (49) were apartments. 

The absorption rate or ratio of sales to new listings this week was 58% overall, but was:
61% (72%) (52.9%) townhouses,
54% (53%) (67.9) houses,
69%(67%) (65%) for apartments.

Here are the top price drops over the last 9 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 9 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
# 1717 5911 MINORU BV 68,000 79,900 11,900 15 1 APTU 1999
10080 ALBION RD 799,000 877,000 78,000 9 3 HOUSE 9999
12331 NO 3 RD 1,038,000 1,138,000 100,000 9 4 HOUSE 1928
10491 SCEPTRE CR 1,160,000 1,260,000 100,000 8 4 HOUSE 1972
10671 AINTREE CR 776,000 839,000 63,000 8 4 HOUSE 1962
8993 ST ALBANS RD 650,000 699,000 49,000 7 4 DUPXH 1973
# 314 8031 RYAN RD 110,000 118,000 8,000 7 1 APTU 1970
# 303 7995 WESTMINSTER HY 399,000 428,000 29,000 7 2 APTU 1995
9679 GILHURST CR 1,550,000 1,650,000 100,000 6 6 HOUSE 2006
# 31 6600 LUCAS RD 499,000 529,000 30,000 6 2 TWNHS 1978
8431 LUNEN RD 1,198,000 1,260,000 62,000 5 4 HOUSE 1976
10420 HOLLYMOUNT DR 788,000 828,000 40,000 5 3 HOUSE 1979
# 222 3411 SPRINGFIELD DR 205,000 215,000 10,000 5 2 APTU 1972
# 1507 7080 ST ALBANS RD 359,000 376,000 17,000 5 2 APTU 2000

 
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.