In order to understand the growth and desirability of North Richvale 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 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
Although there were only 2 more sales in 2014 than 2013, the Average Home Sale Price rose on average by over $77,000, an increase of 13.6%. At the same time Active Listings were almost the same in 2014 with just slightly 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. This activity reduced the Average Number of Days on the market from 27 in 2013 to only 18 in 2014. And the Percentage of Sold Price To Listing Price increased from 97% of asking price in 2013 to an amazing 99% of asking price in 2014.
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 a great neighbourhood location and homes selling at almost full price in a short length of time, North Richvale is still one of the hot spots in Richmond Hill real estate. Our strong economy should continue with this neighbourhood at the forefront.