Whitby's real estate market for residential properties felt the impact of a wave of new listings in May with a drop in sales volume and a price drop versus April.
The Toronto Real Estate Board's (TREB) latest market stats put the average property selling at $728,176 - up from last year's 603,729 by 20.6%, but well down from April's $779,677.
The average selling price of homes in the GTA this May was $863,910. This represents a 14.9% increase over 2016. Sales volume fell 20.8% and new listings increased a massive 48.9% over last year.
Active listings also increased - 42.9%, which shows that inventory levels are becoming more balanced. Compared to previous months, this is good news for buyers - the supply is starting to recover from what seemed like insatiable demand just a couple of months ago.
The MLS Home Price Index helps to normalise the statistics, by adjusting sales statistics to represent typical homes within MLS areas. When using these numbers, Whitby showed a composite annual gain of 34.3%, compared to the TREB average of 33.3%.
Inventory levels continue at very low levels with 1.1 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 1.1 months (if no new listings were added). Many areas within the GTA have similar figures, but unsurprisingly to those who read my reports, Durham Region still has the lowest inventory in the entire area. Overall, there is only 0.7 months inventory in the area. In Whitby, there is just 0.6 months inventory.
The average listing in Whitby spent 8 days on the market. The TREB average was 11 days.
The average listing sold for 106% of asking, again demonstrating that demand is very strong, and a clear indication of multiple offers on many 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.