Market highlights for the luxury sector in each of the trading districts follows below. The luxury sector is the top 20% of the market, which translates into a minimum of a $750,000 listing price.
N01 – MARKHAM – THORNHILL:
Eight properties sold this month out of a listing pool of 39 properties. Unit sales were more than double over May 2008, when only three properties sold. The median sale price was $1.185 million, and represented 93.5% of asking price. The highest priced sale was $1.820 million, while the highest priced listing is $4.389 million.
N02 – VAUGHAN – THORNHILL, CONCORD:
At the end of May, fifty luxury properties were available for sale, offering plenty of choice for buyers. Only three homes sold in the top price range this month, yielding a 16 month supply of inventory at the current rate of uptake. The median listing price was $1.150 million, compared to a median sale price of $810,000. The top sale price was $1.414 million, while the top listing is $4.998 million.
N03 – RICHMOND HILL SOUTH
The N03 district was the most active in May in terms of unit sales. Twenty two properties sold this month out of 81 available listings. The median list price was $969,000, with the median sale price at $913,000. The highest priced listing is $3.999 million, while the highest sale came in at $1.277 million. Inventory sold at a median of 97.0% of asking price. Property turnover was quick, with a median 13.5 days on market.
N04 – RICHMOND HILL CENTRAL
Nine homes out of an available 31 sold in May, putting the absorption rate at 29.0%, the second highest in the region. The median listing price was $947,000, compared to a $776,000 median sale price. Sellers received 96.0% of their asking price. This district experienced lengthy days on market, with a median of 49 days.
N05 – RICHMOND HILL NORTH, OAK RIDGES
Seven homes out of an available 47 homes sold in May, resulting in an absorption rate of only 14.9%. Median sale price was $799,000, while the median listing price was $949,900. The top listing in the district is $3.830 million, while the highest sale price was $1.650 million.
N08 – VAUGHAN – WOODBRIDGE, KLEINBURG, MAPLE
As of May 31, 2008, the N08 district had 98 luxury properties for sale. During the month, 10 properties sold - the same volume that transacted in May 2008. The median list price was $999,900, while median sale price was $907,500 – an increase of 2% over May 2008. Homes sold quickly, with a median Days on Market value of 19.
N10 – MARKHAM – MILLIKEN
Fourteen properties are currently for sale with a listing price of over $750,000. There were no sales in the luxury category in May. The most expensive listing is $1.599 million.
N11 – MARKHAM – UNIONVILLE
The N11 district had 19 sales during May, out of 62 properties available for sale. These very positive sales numbers translate into a 30.6% absorption rate – the highest of all eight districts reported on. The top listing is $2.899 million, while the top sale was $1.3 million. Median sale price was $865,000, an increase of 4% over May 2008.
FOR FURTHER INFORMATION
Please contact Lisa Clark for further information. If you would like to receive Lisa's monthly market report, please sign-up at http://www.lisaclark.ca/
For additional information on the complete Toronto Real Estate Board marketplace, please visit the TREB's Consumer Information site at: http://www.torontorealestateboard.com/
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Lisa Clark (http://www.LisaClark.ca) is a Sales Representative with Sotheby's International Realty Canada, and works with buyers and sellers of executive, estate, and luxury properties throughout the Greater Toronto Area, primarily in the communities of Markham, Vaughan, and Richmond Hill.
Lisa's attention to detail and her focus on high-end marketing techniques make her the perfect match for the luxury or estate seller. Using both the Internet and print media, Lisa will showcase your home with a distinctive array of local, national and international advertising.
Lisa holds a Bachelor of Applied Arts degree and is a certified e-PRO(R). She is a member of the Institute for Luxury Home Marketing, the Markham Board of Trade, and the Vaughan Chamber of Commerce.
She can be reached toll free at 1-877-960-9995, or locally at 416-960-9995.