Richmond Hill Home Sales Stats for Jan 2007
Home sales in Richmond Hill, Ontario, had strong sales volume and increases in average sale price. Over all of the Toronto Real Estate Board's MLS® system there were 5,173 sales recorded which is up 12.8% from Jan 2006, 4,587 homes sold, and represents the highest sales volume for any January on record.
Richmond Hill's three districts showed increases in average sale prices, ranging from 6.9% in N05 to 17.7% in N03. The home sales in each district can be broken down by house type as follows:
South Richmond Hill (N03): Average sale price was $426,800 up 17.7% from Jan 2006
62 detached home
19 semi detached homes
35 apartment condos
9 condo townhouses
17 freehold townhouse
Central Richmond Hill (N04): Average sale price was $434,218 up 9.2% from Jan 2006
52 detached home
11 semi detached homes
0 apartment condos
3 condo townhouses
9 freehold townhouse
North Richmond Hill (N05): Average sale price was $435,692 up 6.9% from Jan 2006
24 detached home
11 semi detached homes
0 apartment condos
1 condo townhouses
7 freehold townhouse
It should be noted that the increase in average sale price for the South Richmond Hill district of N03 is a result of the number of detached homes sold increasing from 34 homes to 62 homes or almost half of the homes sold in this district instead of around 1/3rd of the homes last year. The increase would probably been much more but the number of Semi detached homes also jumped to 19 sales from 1 in Jan 2006.
Semi detached home sales in all three districts were up significantly and townhouse sales were slightly lower.
The out look for Richmond Hill in 2007 is still strong although there is a potential price reductions, at least in the N05 district, due to larger numbers of listings relative to sales. If enough of these listings have to sell then the competition could cause price decreases. That said a lot of sellers that I have talked to are testing the markets and have not committed themselves to another property. The bigger unknown factor will be how many speculative purchases have been made in the new developments, like MaCleod's Landing and Tribute's "Inspiration", as these homes if left vacant only represent expenses and therefore in most cases they have to sell.
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Andrew Hodge
