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Whitby Real Estate Market Report - September 2017

Whitby Real Estate Sales

 

Whitby's real estate market for residential properties continued to fall off from the record highs experienced this spring, and was the only community in Durham Region to experience five straight months of price drops, even though the average price was 9.1% over last September.


Average prices have dropped considerably since the spring peak, as shown in this chart:


Durham Region House Prices 2017


The Toronto Real Estate Board's (TREB) latest market stats put the average Whitby property selling at $650,361 - up from last year's 596,363 by 9.1%, but well down from April's $779,677.


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The average selling price of homes in the GTA this September was $775,546. This represents a 2.6% increase over 2016.  Sales volume fell 35.6%.


Active listings also increased  - 69.0%, which demonstrates a shift in market fundamentals. The rise in inventory helps to make the market more balanced - more inventory means less competition for listings by buyers, and less bidding wars.


Whitby Real Estate Sales


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 11.04%, compared to the TREB average of  12.22%. 


Inventory levels continue at low levels with 1.5 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 1.5 months (if no new listings were added). Overall, there is only 1.3 months inventory in the Durham area.  In Whitby, there is just 1.1 months of inventory.


The average listing in Whitby spent 23 days on the market. The TREB average was 21 days.


The average listing sold for 98% of asking, again demonstrating that demand is still strong, though multiple offers are not happening on the majority of listings. It is down from April, where this figure was 113%.


If you are interested in seeing values for an area not shown or are interested in other figures, please comment below or send me an email - John@JohnOwen.Realtor   As always, give me a call anytime if you would like to discuss further without any obligation.  


Older Reports

 

August 2017

June 2017

May 2017

April 2017

March 2017

February 2017

January 2017

December 2016

November 2016

October 2016

September 2016

August 2016

July 2016

June 2016

May 2016

April 2016              


 

 

 

Member, Canadian Real Estate Association (CREA), Ontario Real Estate Association (OREA), Toronto Real Estate Board (TREB).


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