In order to understand the desirability of the Observatory 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 were one less than 2013, yet, the Average Home Sale Price rose on average by almost $69,000. At the same time there were less Active Listings in 2014 as well as fewer New Listings. Surely, a shortage of listings helped keep the prices up. But continually low interest rates also helped with the increase in sales and sale price. Despite these, the Average Number of Days on the market increased from 16 in 2013 to 21 in 2014 which still isn't a hardship for home sellers. And the Percentage of Sold Price To Listing Price increased from 99% of asking price in 2013 to an amazing 101% of asking price in 2014. Observatory real estate 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 over full listing price in a short length of time, Observatory continues to be strong in Richmond Hill real estate and a great investment. Our strong economy should continue with this neighbourhood at the forefront.