Richmond Hill Residential Market Statistics 1st Quarter 2016

According to the Toronto Real Estate Board, in the 1st quarter of 2016, Richmond Hill record a total of 902 residential sales, with an average price of $994,246. The average sale price to listing price ratio was 103%. The average time it takes to sell a property was 18 days.

For the TREB community map, visit the following link and in the “View Layer” box, click “communities”.

www.torontomls.net/bingcommunitiesmap/map.html

How does these results compare to 2015?

The average price increase was 21.8% and the number of transactions rose from 786 to 902.

 

Sales

Average Price

Average % Sale/ Listing  Price

Average Days on Market

Q1 2016

902

$994,246

103%

18

Q1 2015

786

$815,754

101%

21

(In Markham, the average price increase from Q1 2015 to Q1 2016 was 16.16%. I think the reason average home prices grew faster in Richmond Hill has is that there are less condos in Richmond Hill. In recent years, condos price grew at a slower pace compare to freehold homes.)

Richmond Hill Market Statistics Q1 2016 by Home Type

Home Type

Sales

Average Price

Average SP/LP

Average DOM

Detached

503

$1,339,952

103.4 %

15

Semi-Detached

43

$732,348

106.0 %

12

Condo Townhouse

31

$519,910

100.8 %

12

Condo Apt

171

$345,234

97.8 %

36

Link

15

$814,879

105.2 %

17

Att/Row/Twnhouse

138

$741,753

104.2 %

10

Total

901

$993,590

103.2 %

18

 

Which Richmond Hill neighborhood has the most number of sales in Q1 2016?

Oak Ridges, the subdivision on the west side of Yonge/ King, top the list at 99 sales. 71 of the 99 sales are detached homes with an average price of $1,145,000, lower than the Richmond Hill detached home price average of $1,339,952.

Which Richmond Hill neighborhood has the most expensive homes?

With an average home price of $2,287,472, Bayview Hill is the most expensive community in Richmond Hill. The community consists of larger detached homes with 2 to 3 car garage. The average price increase 22% from Q1 last year and homes are selling much quicker this year with an average days of market of 14 days, compared to 23 days last year.

Bayview Hill Market Statistics Q1 2015 vs 2016

 

Sales

Average Price

Average % Sale/ Listing  Price

Average Days on Market

Q1 2016

25

$2,287,472

104%

14

Q1 2015

27

$1,873,910

102%

23

Which Richmond Hill neighborhood’s average prices increase the most, comparing Q1 2015 to Q1 2016?

Harding. The average home prices in Harding increase 39.7% from Q1 2015 to Q1 2016. Located in central Richmond Hill, the Harding community is an older community with a mix of high-rise condo, condo townhouses are subdivision homes. In Q1 2016, 20 detached homes were sold for an average price of $1.138 mil, which represent a 36.7% increase from a year ago.

31 condos were sold in Q1 2016 in the Harding community, with an average price of $385,000, which represent a 10% increase in the price compare to 2015.

Which Richmond Hill neighborhood is fastest selling (with the least average number of days on market)?

The Rouge Woods community is the fastest-selling community in Richmond Hill. An average listing spends 7 days on the market before it gets sold.

What do you think about Richmond Hill home prices right now? Have you noticed any new trends about the Richmond Hill house market that I should know or blog about? Please email me at janis.tsang@century21.ca, comment below or connect with me on social media.

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Janis Tsang

Janis Tsang

Sales Representative
CENTURY 21 Atria Realty Inc., Brokerage*
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