In order to understand the desirability of the Westbrook neighbourhood for buyers and sellers, it is necessary to compare the present market to a previous one. In this case the second quarter of 2014 is compared side-by-side to the second quarter statistics of 2013, with with the increase or decrease in results in the right hand column.
2nd Quarter 2013
2nd Quarter 2014
Average Home Price
Active Listings Inventory
Average Days On Market
% Of Sold Price To Listing Price
Home sales in 2014 increased to 81 from 67 in 2013, and the Average Home Sale Price increased on average by $114,279. At the same time there were fewer Active Listings in 2014 as well as fewer New Listings, and the prices went up as product decreased. Surely, the desirability of the neighbourhood helped keep the prices up, but continually low interest rates also helped with the increase in sales. During the same period, the Average Number of Days on the market decreased from 20 in 2013 to only 17 in 2014 which is certainly good for home sellers. The Percentage of Sold Price To Listing Price improved to 99% from 98% in 2013. The majority of Westbrook real estate sales, as indicated below, is mostly from detached homes and freehold townhomes. This extremely desirable neighbourhood is another indicator of the strength of the overall Richmond Hill Housing Market.
Number of Sales 2013
Number of Sales 2014
This is another example of Real Estate as a Great Investment. At present there is relatively low risk with excellent chances of increasing the value of your own estate. With homes selling at or close to full listing price in a relatively short length of time, Westbrook continues to be strong in Richmond Hill real estate and a great investment. Our strong economy should continue with this neighbourhood helping to lead the way.