Whitby continues to outperform most GTA areas in May as average prices rose 23.1% over last year. The Toronto Real Estate Board's (TREB) latest market statistics peg the average property at $603,729.
The average selling price of homes in the GTA this May was $751,908. This represents a 15.7% increase over 2015.
Sales volume for the board in May increased by 10.6 percent over the same period last year, with 12,870 transactions. New listings decreased by 6.4%, and active listings dropped by 30.4%, reflecting a further tightening of this sellers' market, with less overall inventory at the end of the month. The average number of days that a listing spent on the GTA market was 15, down from 18 last year.
The MLS Home Price Index helps to normalize the statistics, by adjusting sales statistics to represent typical homes within MLS areas. When using these numbers, Whitby showed a composite annual gain of 18.67%, compared to the TREB average of 14.96%. Other strong areas were Oshawa (+22.84%) and Ajax (+20.44%).
Inventory levels continue at very low levels with 1.6 months of inventory on hand across the board. This means that a current sales levels, all of the property would be bought up in the GTA in 1.6 months (if no new listings were added). Many areas within the GTA have similar figures, but Durham Region still has the lowest inventory in the entire area. Overall, there is only 1.0 months inventory in the area. In Whitby there is just 0.7 months inventory. Many home prices and types are experiencing bidding wars.
The average listing in Whitby spent 9 days on the market, with 9 days in Ajax and 9 in Oshawa. The TREB average was 15 days.
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