Richmond Real Estate Market Report


Blog by Arnold Shuchat | October 27th, 2013


This is a Real Estate Market Report for Richmond, BC  which includes a list of the major price reductions on all residential property.

For ease of reference, the bracketed numbers represent previous weeks' data. This week, new listings declined and the price reduction list of the listings whose prices declined by 5% or more was the smallest in months.  I am sensing a shortage of well priced entry level homes in Richmond and the activity on my listings is indicative of a shift in favour of sellers....but the product has to be priced appropriately.  The good stuff will sell quickly, unlike 6-8 months ago.

This Real Estate Report covers the last 8 days from October 20 to October 27(as of Sunday pm....nothing gets posted on the weekend anyway!). The bracketed numbers represent prior (but possibly disimilar) periods.

During this latest period there were 42 (79) (61) (55) (67) (98) (99) (41)(57)(67) (63)  price changes in Richmond, 41(75) (59) (50) (62) (96) (92) (40) (56) (63) of which were price reductions. 

The average price reduction was $37,785 ($29,309) ($39,051) ($27,186) ($32,663) ($33,447) ($33,336) ($44,744) ($25,307) ($39,645) ($41,727) or 4% (3%)(4%) (3%).

Apartment price declines were on average by $10,969 ($13,616) ($11,100) ($10,408) ($15,857) ($13,617) ($16,552) ($19,224)($10,571) ($15,033)($12,465)  or  3% (4%) (3%) (4%)(3%) (4%).

Single Family Dwelling declines averaged $87,564 ($64,233) ($76,568) ($52,121) ($50,911) ($55,431) ($58,005) ($62,004) ($38,928) ($67,922) ($81,800) or 6% (4%) (5%) (4%) (4%) [the largest % drop in the last 6 months was a 6% average).

Townhouses price declines averaged $14,843 ($16,600) ($12,054) ($27,362) ($21,355) ($16,832) ($17,293) ($22,999) ($15,455) ($15,033) ($12,800) or 3% (2%) (3%) (3%). 

Over this last period there were 104 (138) (126) (156) (175) (244) (239) (148) (146) (156) (139) new listings of which:

16 (14) (18) (38) (39) (65) (50) (37) (31) (32) (34)  were townhouses,
31 (54) (65) (59) (69) (87) (96) (56) (56) (58) (57) were houses 
1 (3) (2) (3) (3) (3) (4) (2) (4) (3) (1) were duplexes and
48 (62) (41) (56) (63) (86) (86) (48) (49) (63) (49) were apartments. 
8 were land lots

The absorption rate or ratio of sales to new listings this period was 47.1% (69.6) (66.6%) (52.5%) (46.8%) (51.2%) (72%) (47%)(58%) overall, but was:

68.8% (135%) (105%) (42.1%) (38.4%) (41.5%) (92%) (51%) (61%) (72%) (52.9%) for townhouses,
58% (79.6%) (44.6%) (47.4%) (55%) (60.9%) (66.7%) (50%) (54%) (53%) (67.9) for houses,
37.5% (53.2%) (82.9%) (64.2%) (41.3%) (48.8%) (70.9%) (44%) (69%)(67%) (65%) for apartments.

Here are the top price drops over the last 8 days equal to or in excess of 5% which equates to the top 29% on the list. 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.

Here are the 10 Top Price Reductions over 5% this week out of the 42 price reductions.  For the complete list, just email me.

Address LP Prev LP Change % Change Tot BR Dwell Yr Built
3300 SPRINGFORD AV 1,880,000 2,380,000 500,000 21 4 HOUSE 2012
10191 RYAN RD 799,000 898,000 99,000 11 3 HOUSE 1971
10340 ODLIN RD 980,000 1,100,000 120,000 11 4 HOUSE 1972
9811 ELKMOND RD 1,598,800 1,698,800 100,000 6 5 HOUSE 2013
# 802 9180 HEMLOCK DR 320,000 338,000 18,000 5 1 APTU 2004
# 101 8975 JONES RD 208,500 220,000 11,500 5 1 APTU 1993
6540 LYNAS LN 1,288,000 1,358,000 70,000 5 3 HOUSE 1982
# 17 7373 TURNILL ST 559,000 589,000 30,000 5 3 TWNHS 2010
10091 SEVERN DR 1,698,000 1,788,000 90,000 5 5 HOUSE 2012
# 502 5811 NO 3 RD 322,000 339,000 17,000 5 1 APTU 2007

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.