Richmond Real Estate Market Report


Blog by Arnold Shuchat | February 19th, 2013


In the last 7 days in Richmond, there have been 189 new property listings and 67 sales.  This 35% sales to new listings ratio is a much healthier absorption rate than what I have reported on in previous postings to this blog over the past 6 months. However, as can be seen by the last table at the bottom of this post, viewed against the total market inventory, the rebalancing task is going to take some time. Of the 71 price changes, every one except one, is a decline.

The following table outlines the top 15 price declines among listing properties ranked by percentage decline.  For comparison purposes, I have also produced the top 15 price declines ranked by absolute value of the price change. Perhaps between the two, lies the magic fruit!
Address LP Prev LP Change % Change Tot BR
# 111 7500 MINORU BV 189,000 222,800 33,800 15.17% 1
7631 LINDSAY RD 1,098,000 1,258,800 160,800 12.77% 2
3071 STEVESTON HY 1,140,000 1,299,000 159,000 12.24% 3
9493 NO 3 RD 998,000 1,130,000 132,000 11.68% 5
# 1713 5911 MINORU BV 49,900 55,900 6,000 10.73% 1
# 305 11240 MELLIS DR 288,800 319,900 31,100 9.72% 2
10511 NO 1 RD 998,000 1,100,000 102,000 9.27% 5
8251 CLAYSMITH RD 3,998,000 4,380,000 382,000 8.72% 5
# 210 6077 LONDON RD 409,999 449,000 39,001 8.69% 2
# 206 9399 TOMICKI AV 347,800 379,800 32,000 8.43% 2
3260 GARRY ST 998,000 1,088,000 90,000 8.27% 4
6600 MAPLE RD 3,380,000 3,680,000 300,000 8.15% 6
11520 LAPWING CR 1,480,000 1,580,000 100,000 6.33% 5
4900 MCLURE AV 1,598,000 1,699,000 101,000 5.94% 5


And ranked by absolute value of the price change:

Address LP Prev LP Change % Change Tot BR
8251 CLAYSMITH RD 3,998,000 4,380,000 382,000 8.72% 5
6600 MAPLE RD 3,380,000 3,680,000 300,000 8.15% 6
7631 LINDSAY RD 1,098,000 1,258,800 160,800 12.77% 2
3071 STEVESTON HY 1,140,000 1,299,000 159,000 12.24% 3
9493 NO 3 RD 998,000 1,130,000 132,000 11.68% 5
10511 NO 1 RD 998,000 1,100,000 102,000 9.27% 5
4900 MCLURE AV 1,598,000 1,699,000 101,000 5.94% 5
11520 LAPWING CR 1,480,000 1,580,000 100,000 6.33% 5
7640 CHEVIOT PL 1,788,888 1,888,888 100,000 5.29% 4
7500 CHELSEA RD 2,398,000 2,498,000 100,000 4.00% 6
6340 UDY RD 2,790,000 2,890,000 100,000 3.46% 5
3399 ULLSMORE AV 1,799,000 1,890,000 91,000 4.81% 5
3260 GARRY ST 998,000 1,088,000 90,000 8.27% 4
4091 MAGELLAN PL 1,998,000 2,088,000 90,000 4.31% 5

Here is a breakdown of the price points of the various sales:

Recent Sales # of Actives Listings % of Category

2 sold over $2 Mill 169 1.2
8 soldl between $1-2 Mill 462 1.7
3 sold between $900k-1 Mill 110 2.7
7 sold between $800-900k 112 6.3
6 sold between $700-800k 114 5.3
7 sold between $600-700k 126 5.6
3 sold between $500-600k 203 1.5
11 sold between $400-500k 273 4
12 sold between $300-400k  283 4.2
4 sold between $200-300k 197 2
the last 4 were sold under $200k  102 3.9

In summary as of this week, one would want to be an astute buyer of product over $2,000,000 and a seller of product between $600-900k.