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September 2018 GTA Real Estate Market Report Summary

September 2018 GTA Real Estate Market Report Summary

The Toronto Real Estate Board (TREB) just recently published their real estate market report for September 2018. Although the number of sales declined a bit from last month, the average price for all home types increased. The average sale price for detached homes rose to over 1 million in Richmond Hill. TREB reports that these small gains are positive signs of the market bouncing back after a tough start earlier this year. You can get a quick summary of the report below with an extra focus on Richmond Hill real estate.

 

Sept 2018 Real Estate Market Report- Derek Li Realty Group

 

Market Summary

The number of homes sold during September in the GTA went down a bit. There were 6,455 units sold in the GTA, down from 6,839 in August. 173 of those sales were in Richmond Hill. The average price of homes sold in Richmond Hill rose in September from $999,311 to $1, 004, 795.

 

Price per Home Type

Detached homes in the GTA sold for an average price of over 1 million in September. Although there were about 200 fewer units sold during the month compared to Aug, the average price rose. In Richmond Hill, only 78 detached homes were sold but the price also rose to $1,436,979.

 

Semi-detached homes also increased. There were 653 semi-detached units sold in Sept, 15 in the Richmond Hill area. On average they sold for $792,353 in the GTA and $820,087 in Richmond Hill.

 

There were 495 townhome units sold in the GTA last month, going for an average price of $576,980. The average price for them went up in the GTA but went down a bit in Richmond Hill selling for $669,667 on average.

 

Condominiums continue to sell well and for a high price in the city. There were 1,791 units sold in the GTA last month, down from 2000 in August. The average price went up again though to $570,140.

 

The full TREB September 2018 GTA Market Report can be found here.

 

Contact us if you need help buying or selling your next Richmond Hill home!

 

 

 

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Derek Li Group

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