Whitby started 2016 with more double digit annaul increases, according to the Toronto Real Estate Board (TREB).
The average selling price of homes in the GTA this January was $631,092. This represents an 14.1% gain over 2015. The average property price in Whitby was $485,441 which is up an impressive 10.1% over January of last year.
Sales volume for the board in December increased by 8.2% percent over the same period last year, with 4,945 transactions. New listings decreased by 6.4%, and active listings dropped by 14.1%, 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 29, down from 31 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 11.32%, compared to the TREB average of 11.21%. Other strong areas were Clarington (+21.21%) and Ajax (+16.05%).
Inventory levels continue at very low levels with 1.8 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 1.8 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 1.1 months inventory in the area. In Whitby there is just 0.9 months inventory Some home prices and types continue to have bidding wars, even at this time of year.
The average listing in Whitby spent 18 days on the market, with 21 days in Ajax and 19 in Oshawa. The TREB average was 29 days, and 26 days in York Region.
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