York Region Quarterly Luxury Real Estate Market Report – Second Quarter – 2009

The luxury home market in southern York Region* showed vibrancy in the second quarter of 2009. A total of 284 detached homes sold for $750,000 or more, down only 20 units over the same period in 2008. Two homes broke the $4 million sales price barrier this quarter – a $4.2 million home in King, and a $4 million home in Vaughan. The following report provides an overview of properties listed at or sold for $750,000 or greater during the second quarter of 2009.

Aurora

The Aurora area currently has 71 properties for sale in the $750,000+ price range. In the second quarter of 2009, 19 luxury properties sold, versus 16 in the same period of 2008. Days on market increased to 56 days, up from 20 days in 2008. The median sold price was $1.15 million, with the top sale in the quarter for this community at $2.095 million.

King

In the second quarter of 2009, 34 properties sold for $750,000 or more, almost double the volume during the same time period in 2008. Median sale price was $926,300 – a decrease of five per cent over the same quarter in 2008. Days on market were down from 50 to 41. The highest sale for the community was $4.2 million, compared with $3.75 million in 2008. There are currently 101 top-tier homes available for sale, with the highest listing at $4.85 million.

Newmarket

Newmarket experienced a slight increase in median sale price in the second quarter of 2009, from $811,500 in 2008 up to $830,000 in 2009. The top sale in the second quarter of 2009 in Newmarket was $925,000. Eight luxury properties are currently on the market, with the highest priced listing at $915,000.

Richmond Hill

In the second quarter of 2009, 92 properties sold, down 19.3% from 114 sales in the second quarter of 2008. The median sale price was $887,000, and properties were on the market for 31 days. The top sale in the quarter in Richmond Hill was $3.5 million, compared with a top sale of $2.45 million in the same period in 2008. The top-priced listing is currently at $3.999 million.

Thornhill

Thirty-six properties sold in Thornhill, with the highest sale reaching $1.9 million. Sales volume was down slightly, from 41 units in 2008 to 36 in 2009. The median sale price was $960,000, up 8.5% over 2008. Eighty-eight properties priced at $750,000 and above are now available for sale. The highest priced listing in Thornhill – and for the entire study area – is an estate home listed at $9.38 million.

Unionville/Markham

Fifty properties sold in Unionville and Markham, with the highest sale reaching $1.44 million. Sales volume was up slightly, from 47 units in 2008 to 50 in 2009, as was days on market – from 27 days in 2008 to 29 days in 2009. The median sale price was $845,000, equal to that of 2008. Seventy-five properties priced at $750,000 and above are now available for sale. The highest priced listing in the area is $2.899 million.

Vaughan

Vaughan, including Woodbridge and Kleinburg, has 93 top-tier properties for sale. In the second quarter of 2009, 31 units sold, down almost 30% from the 44 sales achieved in the second quarter of 2008. Median sale price was down from $900,000 in 2008 to $850,000. However, the top sale came in at $4.0 million – almost double the top sale of $2.18 million in the second quarter of 2008. The top listing currently offered for sale is at $4.78 million. Days on market remained fairly steady, from 24 days in 2008 to 25 days in 2009.

Whitchurch-Stouffville

The Whitchurch-Stouffville area has 103 properties for sale in the $750,000+ price range. Sales volume increased from 15 sales in the second quarter of 2008 to 19 in 2009. The median sold price in this area was $1.01 million, with the top sale at $1.550 million. This represents a 6.3% increase in median sale price. The highest listing is currently offered for $4.25 million. Median days on market dropped to 39 days from 47 days.

*Note: Commentary is based on detached residential properties listed on the Multiple Listing Services (MLS) in TREB map areas N01-N08 and N10-N14, with a sold price of $750,000 or greater, that sold during the months of April, May, and June 2009. Data was collected on July 1, 2009. Days on Market calculations are based on median values.