For ease of reference, the bracketed numbers represent previous weeks' data.
This Real Estate Report covers the last 6 days from September 16 to September 21(as of Saturday pm....nothing gets posted on the weekend anyway!). The bracketed numbers represent similar prior periods.
During this latest period there were 55 (67) (98) (99) (41)(57)(67) (63) price changes in Richmond, 50 (62) (96) (92) (40) (56) (63) of which were price reductions.
The average price reduction was $27,186 ($32,663) ($33,447) ($33,336) ($44,744) ($25,307) ($39,645) ($41,727) or 3%(4%) (3%).
Apartment price declines were on average by $10,408 ($15,857) ($13,617) ($16,552) ($19,224)($10,571) ($15,033)($12,465) or 3% (4%)(3%) (4%).
Single Family Dwelling declines averaged $52,121 ($50,911) ($55,431) ($58,005) ($62,004) ($38,928) ($67,922) ($81,800) or 4% (4%) [trending to lower price reductions over the past few months].
Townhouses price declines averaged $27,362 ($21,355) ($16,832) ($17,293) ($22,999) ($15,455) ($15,033) ($12,800) or 3% (3%).
Over this last period there were 156 (175) (244) (239) (148) (146) (156) (139) new listings of which:
38 (39) (65) (50) (37) (31) (32) (34) were townhouses,
59 (69) (87) (96) (56) (56) (58) (57) were houses
3 (3) (3) (4) (2) (4) (3) (1) were duplexes and
56 (63) (86) (86) (48) (49) (63) (49) were apartments.
The absorption rate or ratio of sales to new listings this period was 52.5% (46.8%) (51.2%) (72%) (47%)(58%) overall, but was:
42.1% (38.4%) (41.5%) (92%) (51%) (61%) (72%) (52.9%) for townhouses,
47.4% (55%) (60.9%) (66.7%) (50%) (54%) (53%) (67.9) for houses,
64.2% (41.3%) (48.8%) (70.9%) (44%) (69%)(67%) (65%) for apartments.
Here are the top price drops over the last 6 days equal to or in excess of 5% which equates to the top 25% 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.
This is the Top 10 this week out of the 51 price reductions. For the complete list, just email me.
| Address | LP | Prev LP | Change | % Change | Tot BR | Dwell | Yr Blt |
| 9660 AQUILA RD | 1,090,000 | 1,236,000 | 146,000 | 12 | 6 | HOUSE | 1987 |
| 4460 STONECROP AV | 999,000 | 1,080,000 | 81,000 | 8 | 3 | HOUSE | 1982 |
| # 235 12875 RAILWAY AV | 399,900 | 429,000 | 29,100 | 7 | 2 | APTU | 1989 |
| 10211 NO 5 RD | 899,000 | 950,000 | 51,000 | 5 | 4 | HOUSE | 1971 |
| 10231 NO 5 RD | 899,000 | 950,000 | 51,000 | 5 | 4 | HOUSE | 1971 |
| 9211 WALFORD ST | 850,000 | 898,000 | 48,000 | 5 | 4 | HOUSE | 1996 |
| 6171 BASSETT RD | 1,599,000 | 1,688,000 | 89,000 | 5 | 5 | HOUSE | 1995 |
| # 13 9088 DIXON AV | 560,000 | 589,000 | 29,000 | 5 | 3 | TWNHS | 1999 |
| # 601 8246 LANSDOWNE RD | 275,000 | 288,000 | 13,000 | 5 | 1 | APTU | 1996 |
| 7340 BARKERVILLE CT | 1,058,000 | 1,108,000 | 50,000 | 5 | 3 | HOUSE | 1973 |
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.