Another month has passed and November, 2006, continued to show strong sales volume, if a bit lower than last year.
Across the Toronto Real Estate Board's MLS® system there were 6,281 homes sold in November 2006. Which is lower than 2005's 6,646 home but very close to 2004's 6,301 homes sold, for the month of November. There is also a larger number of homes on the market. In the November Statistics, in the Toronto Real Estate Board's Market Watch publication, there were 22,981 active listings.
The average sale price across the region was $355,727 with a median sale price of $298,000.
For Richmond hill, or the 3 districts that encompass Richmond Hill (N03, N04 and N05) there was 268 homes sold in November 2006, down from the 311 homes in Nov 2005, and 1168 active listings. 150 of those homes sold were freehold detached homes, 45 were apartment condominiums and 41 were freehold townhouses.
For Richmond Hill, in November 2006, the statistical breakdown is as follows:
District ...Number of .....Average .........Median
................Homes Sold ....Sale Price......Sale Price
Total .............268........... $426,201....... N/A
N03 ...............122 ...........$405,630 .....$345,000
N04 .................84 ...........$399,432 ......$383,500
N05 .................62............$502,948 ......$460,750
Number of Richmond Hill home sold by type and district in November 2006
Type ..........................Total .....N03 .....N04 .....N05
Detached (FH) .............150 ......50 ........54 ........46
Semi-Detached (FH) .....12 ........4 ...........6 ..........2
Condo Apartment ..........45 .......39 .........6 ..........0
Link (FH) ........................8 ..........3 ........0 ..........5
Condo Townhouse .........12 ........11 ........1 ..........0
Townhouse (FH) ............41 .......15 ........17 .........9
(I really wish that I could find a nice easy way to put in tables)
It is interesting to note that the least expensive district, based on average detached home sales prices, was the N04 district with an average sale price of $452,989. Where as N03 was $589,002 and N05 was $562,530.
This may be related to N03 being closer to Toronto (a traditionally accepted factor in increased prices) and N05 having a lot of newer homes in new developments like "Macleod's Landing", Tribute's "Inspiration", "Bond Lake" and "Fountain Blue" as well as some of the developments from the past 7 years like "The Humberlands", "Kingshill", "Jefferson Forest" and several others. Some of these "older developments are still under construction or are having additional developments branching off of them.
The bottom line is that the real estate markets are still moving along at a strong pace. However, the house values in the Richmond Hill, and all of the Toronto and surrounding districts, are increasing at a much more moderate pace and there is much more competition for the attention of the available home buyers
Notes: The statistics above are based on the numbers published by the Toronto Real Estate Board in their
real estate "Market Watch" newsletter which you can download
HERE. These numbers are based on sale prices and do not represent actual values of any particular type of home. For a value on your current home I would be happy to provide you with a
free home evaluation.
I have also started another blog on my main website and I would love to hear what you think of it. Please take a look at my
Richmond Hill, Aurora and York Region Real Estate Blog. It is new and I am trying to decide if it is going to replace this blog or provide other information or insights. Any suggestions are welcome (SOE, consumer usability, etc...)
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.
