In order to understand the attractiveness of the Observatory, 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.
3rd Quarter 2013
3rd Quarter 2014
Average Home Price
Active Listings Inventory
Average Days On Market
% Of Sold Price To Listing Price
Home sales in 2014 were 35, up from the 29 in 2013, and the Average Home Sale Price increased on average by $90,424. For the same time there were 8 more New Listings in 2014, 4 fewer Active Listings, and the price per home went up along with a total Dollar Volume increase of $5,949,450. Surely, the desirability of the neighbourhood helped with the sales increase, but continually low interest rates also helped in this regard. During the same period, the Average Number of Days on the market decreased from 35 to 20 which was very good for home sellers. The Percentage of Sold Price To Listing Price increased to 100% from 98% in 2013. The majority of Observatory real estate sales came from condo townhouses with detached homes 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.
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 close to or at full listing price in a relatively short length of time, Observatory, 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.