Whitby's Real Estate market is in full swing in this spring's market, according to the Toronto Real Estate Board's (TREB) latest market statistics.
The average selling price of homes in the GTA this April was $739,082. This represents an 16.2% gain over 2015. The average property price in Whitby was $564,056 which is up 20.5% over April of last year.
Sales volume for the board in April increased by 7.4 percent over the same period last year, with 12,085 transactions. New listings decreased by 9.9%, and active listings dropped by 26.9%, 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 13.92%, compared to the TREB average of 14.98%. Other strong areas were Oshawa (+20.59%) and Clarington (+11.59%).
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 0.8 months inventory. Many home prices and types are experiencing bidding wars.
The average listing in Whitby spent only 10 days on the market, with 7 days in Ajax and 8 in Oshawa. The TREB average was 15 days, and 13 days in York Region.
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