Sorry for any delay in posting the Richmond Hill home sales
statistics. I am preparing for my own move and adding packing, planning and any required arrangements on top of my clients needs has led to my blog being put on the back burner.
So Richmond Hill had another great month in October 2006. The Real Estate markets are still moving strong with the south end of Richmond Hill actually increasing in sales volume over September. The number of available homes for sale in Richmond Hill, Ontario, decrease slightly since September 2006 as is typical of the late fall markets. Home sales in Richmond Hill are predominantly Detached homes with Condo Apartments in the south end of Richmond Hill (N03 district which includes a small portion of Markham and Vaughan) providing a strong second housing option.
The average home sale price in the South end of Richmond Hill, for October 2006, was $404,637 with a median price of $351,600. This is up from an average of $389,187 in October 2005 even though the median price dropped from $417,000. The change in median price reflects the increase in Condo sales and the decrease in detached homes. That said the price of the average detached home that sold was significantly higher than last year creating and overall increase in the average sale price.
In the N04 district or middle section of Richmond Hill the demand is still mainly for detached home. There was a slight decrease in both listings and sales effecting a relatively unchanged Sales to Active listings ratio. The average sale price was $420,927 up from last years average of $397,414. Where as the median home sale price was down to $412,500 from $417,000. This decrease in median sale price reflects the decrease in detached home sales and the increase in townhouse sales for this district.
In the North end of Richmond Hill (District No5), which includes Oak Ridges and Jefferson forest, there has been an increase in sales volume, from 44 homes up to 58 home sales in October 2006, which has been dwarfed by the increase in active listings, which is now 314 homes for sale instead of the 259 homes that were available in 2005 in October. Once again this part of Richmond Hill is dominated by detached homes and the average sale price has jumped from $397,682 in Oct 2005 to $458,656 in October 2006. The median sale price also increased in a similar fashion to the average settling in at $447,000 in Oct. 2006.
As you can see there has been some of the usual seasonal adjustments in market activity, and a larger than expected increase in average sale prices. It is important to note that the average sale price does not necessarily represent the changes in value of the average home, only the average sale price of the homes that were sold. This value is subject to the type of home buyers that are capable and motivated to purchase in today's market.
If you are interested in moving in the future and wish to know what your home is worth, you can get a free Richmond Hill home evaluation.
The N03 Real Estate Markets bounced back in October with an increase in home sales and a slight decrease in active home listings. The average sale price kept fairly low due to a large number of apartment Condominiums being sold. The market is still expected
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The Toronto Real Estate Board has posted the October real estate market statistics for homes traded on the Toronto MLS® system. The volume of sales was up from September but only 95.85% of the levels in October 2005. With a total of 8,876 homes sold and an average sale price of $356,423 which is up 4.08% from last year at this time.
Currently the number of homes listed on the Toronto MLS® system are up in all districts. Although, in the Central Districts the increase is only by 32 homes, bringing the number to 3,532 available homes. The Central Toronto districts have also gone against the grain on the volume of sales with an increase in home sales totalling 1,317 for October. All of the other districts have seen slight decreases in sales volume along with slight increases in home listings.
I will post more specific statistics for Richmond Hill, Aurora and Newmarket over the next few days.
Octobers real estate statistics were published today. The sales volume was still strong, however it is lower than last year. This is consistent with the slowing of the real estate markets. I will be posting a more detailed evaluation in the next few days so please check back for the updated numbers for
home sales in Richmond Hill, Aurora, Newmarket, York Region and the real estate markets covered by the Toronto Real Estate Board.
