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 fourth quarter statistics of 2014 are compared side-by-side to the fourth 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.
4th Quarter 2013
4th Quarter 2014
Average Home Price
Active Listings Inventory
Average Days On Market
% Of Sold Price To Listing Price
Home sales in 2014 increased to 19 from 18 in 2013, and the Average Home Sale Price decreased on average by $443,799. At the same time there was 1 more New Listing in 2014, 5 more Active Listings, and the price per home went down along with a total Dollar Volume decrease of $7,529,788. Along with the increase in new listings, the attractiveness of the neighbourhood still helped keep the prices up as most of the sales switched from detached homes to condo townhouses and apartments, and continually low interest rates also helped in this regard with the sales. During the same period, the Average Number of Days on the market decreased to 22 from the 26 in 2013 which is good for home sellers, and the Percentage of Sold Price To Listing Price dropped from 99% in 2013 to 98% in 2014. This desirable neighbourhood is still 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 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.