Richmond Hill Market Statistics Q2 2015

According to the Toronto Real Estate Board, in the 2nd Quarter of 2015, Richmond Hill record a total 1316 residential sales, with an average price of $900,191. The average sale price to listing price ratio was 102%. The average time it takes to sell a property was 16 days.

How does these results compare to Q2 2014?

The average price increase was about 18.2% comparing Q2 2015 to Q2 2014.

 

Sales

Average Price

Average % Sale/ Listing  Price

Average Days on Market

Q2 2015

1316

$900,191

102%

16

Q2 2014

1151

$761,373

100%

18

Which neighborhood has the strongest sales (the largest number of transactions)?

The Oak Ridges community report the most transactions among the communities in Richmond Hill. Oak Ridges is in the Northwestern corner in Richmond Hill South of Bloomington and East of Bathurst with mostly subdivision home. Prices of homes ranged from $475,000 to over $2.1 mil in Q2 2015.

Which community was fastest selling?

With an average days on market of just 9 days (ie. It takes on average of 9 days to sell a home in Rouge Woods), Rouge Woods is the fastest selling community in Richmond Hill, as it was in Q1 2015 as well.

Which community is the most affordable in Richmond Hill?

The “Beaver Creek Business Park” community report the lowest average home price in Richmond Hill. This convenient location at the Northwest corner of Hwy 7 and Hwy 404 consists of mostly businesses and a few condo complexes, such as “The Grand Parkway Residences” at 9015 and 9017 Leslie Street, “The Four Seasons Garden” at 75 Norman Bethune Ave. The average prices of this community at $339,000, is very close to the Richmond Hill average condo apartment price at $341,000 in Q2 2015.

Which community’s average prices increase the most from last year?

The average price of homes in the Observatory community of Richmond Hill increase from $516,051 to $703,933 from Q2 2014 to Q2 2015, which was a 36.4% increase. The increase in average price is much higher than the Richmond Hill average partly because a higher number of detached homes were sold in Q2 2015 compare to Q2 2014. If we compare the price of detached home from Q2 2014 to Q2 2015, the detached home prices rose 25.7%.

The Observatory community is a smaller community in Richmond Hill with 41 transactions in Q2 2015. Located between Yonge and Bayview just North of 16th/ Carrville, the Observatory neighborhood is in the center of Richmond Hill in the area surraounding the David Dunlap Observatory and the Observatory Park. Price of homes in this community ranged from mid $500,000 for an older 3 bedroom 2 bath townhome to double-car garage larger detached home for about $1.5 million.

If you want to know in detail how your neighborhood market is performing, don’t hesitate to connect with me via email, phone, or social media!

Janis Tsang

Janis Tsang

Sales Representative
CENTURY 21 Atria Realty Inc., Brokerage*
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