Whitby's Real Estate market is heading into a super strong spring market, according to the Toronto Real Estate Board's (TREB) latest market statistics.
The average selling price of homes in the GTA this March was $688,181. This represents an 12.1% gain over 2015. The average property price in Whitby was $541,822 which is up 11.9% over March of last year.
Sales volume for the board in March increased by 16.2 percent over the same period last year, with 10,326 transactions. New listings decreased by 3.7%, and active listings dropped by 20.7%, 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 16, down from 20 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 12.75%, compared to the TREB average of 11.59%. Other strong areas were Clarington (+15.24%) and Ajax (+15.76%).
Inventory levels continue at very low levels with 1.7 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 1.7 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 0.8 months inventory. Many home prices and types are experiencing bidding wars.
The average listing in Whitby spent only 9 days on the market, with 8 days in Ajax and 10 in Oshawa. The TREB average was 16 days, and 20 days in York Region.
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