Richmond Hill home sales in February 2007 accounted for 307 homes out of 6,772 homes sold on the Toronto MLS® system.. This make Feb 2007 the second best February ever recorded, in terms of sales volume, for the Toronto MLS® system. For Richmond Hill’s three MLS® districts there were strong sales numbers with 170 homes sold in the South end or Richmond Hill (N03 district), 80 homes sold in the N04 district and 57 houses sold in the Oak Ridge’s area or N05 district.
Here is the quick breakdown of the numbers for each district:
All Home sales in Richmond Hill, Ontario, Canada.
| sales | Average Sale price | Median Sale Price |
N03 | 170 | $425,375 | $382,000 |
N04 | 80 | $397,712 | $391,250 |
N05 | 57 | $451,554 | $445,000 |
Detached homes in Richmond Hill
| Homes sold | Average sale price | Median Sale Price |
N03 | 74 | $602,057 | $585,000 |
N04 | 52 | $449,894 | $455,000 |
N05 | 38 | $504,068 | $477,750 |
Semi-Detached homes in Richmond Hill
| Homes sold | Average sale price | Median Sale Price |
N03 | 8 | $393,363 | $399,400 |
N04 | 9 | $299,788 | $278,500 |
N05 | 4 | $336,500 | $337,500 |
Condo Apartments in Richmond Hill
| Homes sold | Average sale price | Median Sale Price |
N03 | 45 | $220,623 | $220,000 |
N04 | 5 | $174,700 | $171,000 |
N05 | 0 | N/A | N/A |
Condominium townhouses in Richmond Hill
| Homes sold | Average sale price | Median Sale Price |
N03 | 12 | $266,787 | $267,944 |
N04 | 2 | $322,250 | $322,250 |
N05 | 0 | N/A | N/A |
Townhouses in Richmond Hill
| Homes sold | Average sale price | Median Sale Price |
N03 | 29 | $373,593 | $366,000 |
N04 | 12 | $350,542 | $346,500 |
N05 | 11 | $332,273 | $331,000 |
The housing markets in Richmond Hill are still very strong and there are a lot of home buyers currently looking. For most home types the number of home sold in February relative to the number of active listings. In some areas this is adding extra competition for buyers. The one area that this is not happening is in the detached homes of the N05 district. In this area there were 213 active listings and only 38 sales.
This is most likely a reaction to homes in this area being listed higher that one can realistically sell the home. For this reason I expect a series of price reductions in the detached homes in the N05 district. This is making the assumption that a good portion of these listings are motivated to sell their home. This assumption is based on the fact that there are quite a few homes listed in areas Macleod's Landing and Tribute's Inspiration which are brand new homes and likely owned by speculators or people who's needs have changed dramatically enough to be worth thinking about moving.
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All statistics and values posted here are for Richmond Hill, Ontario, Canada. If you want more information on real estate in Richmond Hill, Ontario, Canada please feel free to contact me through any of my websites or call me at 416-278-2335 (my direct line).
