"Richmond Hill Real Estate Market: A Competitive Landscape for Buyers and Sellers"
The real estate market in Richmond Hill has experienced a decline in the past year, with a decrease of 3.26% in the benchmark price for all property types. However, there has been an increase in the number of sales, with 281 properties sold in the last month and an average of 181 properties sold per month in the last year. The average price for all properties sold in the last year was $1,495,959. The market has been in favor of sellers, with an average selling price to listing price ratio of 107% and an average of 15 days on the market. The market has been highly competitive, with an average of 1.4 months of inventory available for buyers.
The real estate market in Richmond Hill has been impacted by new regulations, such as the stress test for mortgage applicants, which has made it more difficult for buyers to qualify for a mortgage. Despite this, there has been an increase in the number of new listings, with an average of 381 new listings per month in the last year. The market has been highly active, with an average of 394 active listings per month in the last year. The sales-to-new-listings ratio has been favorable for sellers, with an average of 58% in the last month and an average of 50% in the last year. Overall, the real estate market in Richmond Hill has been competitive, with a high demand for properties and a limited supply for buyers.
Read the full article on: Toronto Regional Real Estate Board
