The Rouge Woods Community in Richmond Hill has seen quite a number of transactions in the past few weeks. A large number of sales were realized through multiple offers and often the negotiated selling price was above the asking price... Lately though, in the past couple of weeks, the market seems to have changed somewhat.
Buyers seem to have become more cautious and to be willing to wait to purchase their dream home. While in March and till approximately April 20, many listings were not staying on the market over one week, lately they have been staying on the market for even two weeks or more.
The question is WHY?
Given that the Rouge Wood Community in Richmond Hill is predominantly Chinese and given that May 1st is Labour Day in China, a big holiday and a chance for families to reunite; given that April 30 ( then postponed to May 3rd) was the due date for submitting tax returns in Canada, could all these factors and the reality that many buyers are tired of bidding wars, have influenced the change in market trend that took place towards the end of April and beginning of May?
Other influencers could be Mothers' Day celebration, the upcoming long weekend fro Victoria Day on May 18.....
What do you think? I'd love to hear from you!
To note: there are currently 26 properties listed or sale on MLS. Of these 26, four are town houses with an asking price ranging from $599,000 to $699,000, while the rest are detached houses with asking prices ranging from $829,900 to $1,499,900.
Of these 26 properties, 18 were listed since May 1st, 7 were listed in April and one in December 2014.
Of the 18 properties listed in May, 12 have been listed from May 6 onwards.
We shall see how many sell this week... but it is certainly an interesting situation.
I'll keep you posted!
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