Whitby's real estate market for residential properties continued to fall off from the record highs experienced this spring, although the average price jumped an average of 16.9% over August of 2016.
Average prices have dropped considerably since the spring peak, as shown in this chart:
The Toronto Real Estate Board's (TREB) latest market stats put the average property selling at $665,172 - up from last year's 569,190 by 16.9%, but well down from April's $779,677.
The average selling price of homes in the GTA this August was $732,292. This represents a 3.1% increase over 2016. Sales volume fell 35.7%.
Active listings also increased - 65.0%, 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 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 14.3%, compared to the TREB average of 14.3%.
Inventory levels continue at very low levels with 1.4 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 1.4 months (if no new listings were added). Overall, there is only 1.1 months inventory in the Durham area. In Whitby, there is just 1.0 months inventory.
The average listing in Whitby spent 25 days on the market. The TREB average was 25 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.
Member, Canadian Real Estate Association (CREA), Ontario Real Estate Association (OREA), Toronto Real Estate Board (TREB).
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