Richmond Hill, Ontario, Real Estate

Richmond Hill Home Sales Statistics - February 2007

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.

Semi-Detached homes in Richmond Hill

Condo Apartments in Richmond Hill

Condominium townhouses in Richmond Hill

Townhouses in Richmond Hill

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).

York Region Real Estate Year End Stats and Forecast

Real estate markets in York Region and the Toronto area finished 2006 with a bang. With December, 2006, home sales up be 4.5% in volume, over Dec. 2005, the year ended only 1.1% behind 2005, with a total of 83,084 homes sold through the Toronto Real Estate Board's MLS®. The Average price, in 2006, across the TREB MLS® was $351,941 up from $335,907 in 2005.

In Richmond Hill and Aurora the volume of sales decreased slightly, with the exception of the N05 district (Richmond Hill North of Gamble Rd including Oak Ridges and several newer developments like Macleod's Landing, Tribute's "Inspiration, Bond Lake, The Humberlands, etc...) which saw an increase of sales volume by 17.6%. The average sale price in N05 increased by 6% to $455,973 and the median home sale price is up 5.3% to $430,500.

The majority of these increases can be attributed to the vast amount of development that has occurred over the last 7 years that have changed the area from farm fields into residential neighbourhoods. In years gone by the number of sales was limited by availability, however in 2006 there were 1,804 homes listed on the TREB MLS® in N05, an increase of 34%. These newer homes are larger and sell for higher prices that what was traditionally found in the Oak Ridges area before. Even since last year there are more new homes being sold by speculators, many of which are asking $600,000 and up.

The value of these homes is substantial and it is attracting the attention of a "higher price range" audience. This has had a dramatic effect on the increase in average home sales prices, causing the average price to increase faster than the actual increase in value for a particular home. This change in the areas buyer and housing demographics could cause issues if the average home owner is lead to believe that their home has increase in value by 6%, and want to "cash in". Home values for individual homes has only risen between 2% to 3% from what I have seen, but brand new homes are getting a premium.

The N05 district also has the lowest home sales to active listings ratio in Richmond Hill at 21.2% which could lead to decreases in price if there is a large enough number of sellers that "have" to sell instead of just "wanting" sell. with 45 homes sold in December 2006 (up from 37 in 2005) if 50 out of the 259 homes that are available (as of 9:29 am Jan 18th 2007) "have" to be sold this month then watch for prices to drop. However, sellers in the area have mostly been "wanting" to sell and have not over committed themselves too heavily.

Looking for homes for sale in Richmond Hill, Ontario or thinking of selling and want to know your Richmond Hill, Ontario, Home's Value? I am here to help you achieve your goals of a smooth move into your perfect home. I look forward to working with you soon

Andrew Hodge