TREB Members recorded 651 sales in all 23 North districts and averaged $410,253. The average price in the four Richmond Hill districts including Thornhill (N02, N03, N04, N05) exceeded this number.

THORNHILL (District N02) - November 2008 - Market Report:

The average home price in November was $434,027 that is an increase(!) of almost 18.5%. The median price for this area is: $378,000 versus $351,400 in October (increase of 7.5%). The number of transactions dropped down by 38%. New listings on the market dropped down by 20.25% but the total active listings increased by 6.1% (314 in November versus 296 in October). The market is showing a bigger inventory of properties giving buyers and sellers the opportunity to research and look for a longer period of time. Bigger inventory impacted the number of days on the market: increase from 37 in October to 43 in November. Thornhill still reported a strong ratio of sale to listing ratio: 96% in November, just 1% less than in October.

SOUTH RICHMOND HILL (District N03, between Hwy7 and Major Mackenzie) - November 2008:

The average price in November was $417,898, that is an increase of 13.1%. The median price increased even more by 20.8% to $362,500. TREB Members reported 56 sales in November that is a decrease of 42.9%. Sellers listed much less houses: only 244 versus 376 in October. Because the volume of transactions in South Richmond Hill dropped down, the total number of active listings stays the same: 674 in November and 680 in October. The average time on the market increased from 32 days to 36 days and the ratio of sale to listing price is still strong at 96% (1% less).

CENTRAL  RICHMOND HILL (District N04, between Major Mackenzie and Gamble Rd.) - November 2008:

This is the only district in Richmond Hill where the average and median prices dropped down in November. The average price was $440,056 ($466,074 in October, down by 5.6%) and median price was $412,500 ($425,000 in October, dropped by 2.9%). There were 34 reported transactions as opposed to 46 in October, which is a decrease of 26.1%. New listings also decreased from 193 in October to 110 in November (-43%). At the same time the sellers pulled some houses off the market and that lowered the number of total active listings from 373 to 361. TREB reported the average days on the market of 41 as opposed to 30 days in October. This is giving the buyers strong power to search for homes in a more comfortable time frame. The houses are selling in 95% of asking price what's indicating correct pricing for a quick sale.

NORTH RICHMOND HILL (DISTRICT N05, North of Gamble Rd.) - November 2008:

The average and median price raised slightly to $493,446 and $471,250 accordingly (2.6% increase and 1.1% for median). 28 transactions are reported in November and 28 in October. New listings dropped down from 158 to 114, which is a decrease of 27.8%. Sellers pulled out listings from the market and the number of active listings stays the same: 308 (309 in October). The average time on the market to sale the house increased from 34 days to 38 days and sale to listing price is still strong: 95% (1% decrease).

For more information please contact Margaret Kisza at 416 543 9264 or mkisza@sympatico.ca