Richmond Hill Home sales for October 2006
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.
