In order to understand the attractiveness of the Oak Ridges, Richmond Hill neighbourhood for buyers and sellers, it is necessary to compare the present market to a previous one. In this case the third quarter statistics of 2014 are compared side-by-side to the third quarter statistics of 2013 from the Community Housing Market Report York Region, Richmond Hill, with with the increase or decrease in results in the right hand column.
Oak Ridges
3rd Quarter 2013
3rd Quarter 2014
Increase/Decrease
House Sales
85
98
+13
Average Home Price
$704,421
$783,650
+$79,229
Dollar Volume
$59,875,764
$76,797,713
+$16,921,949
New Listings
183
200
+17
Active Listings Inventory
110
85
-25
Average Days On Market
31
23
-8
% Of Sold Price To Listing Price
97%
98%
+1
Home sales in 2014 were 98, up from the 85 in 2013, and the Average Home Sale Price increased on average by $79,229. For the same time there were 17 more New Listings in 2014, 25 fewer Active Listings, and the price per home went up along with a total Dollar Volume increase of $16,921,949. Surely, the desirability of the neighbourhood helped keep the sales up, but continually low interest rates also helped in this regard. During the same period, the Average Number of Days on the market decreased from 31 to 23 which was still good for home sellers. The Percentage of Sold Price To Listing Price increased to 98% from 97% in 2013. The majority of Oak Ridges real estate sales came from detached homes with freehold townhomes gaining momentum as shown below with breakdown by type. This desirable neighbourhood is another indicator of the strength of the overall Richmond Hill Housing Market.
Type
Number of Sales 2013
Number of Sales 2014
Increase/Decrease
Detached
67
67
0
Semi-Detached
2
6
+4
Attached Freehold
15
21
+6
Other
1
4
+3
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 close to full listing price in a relatively short length of time, Oak Ridges, Richmond Hill continues to be strong in York Region real estate and a great investment despite the reduction in sales. Our strong economy should continue with this neighbourhood helping to lead the way.
