Whitby's real estate market for residential properties continued to climb this spring with an average price increase of 38.2% over April of last year. The Toronto Real Estate Board's (TREB) latest market stats put the average property selling at $779,677- up from last year's 564,056.
The average selling price of homes in the GTA this April was $920,791. This represents a 24.5% increase over 2016. Sales volume fell 3.2% and new listings increased 33.6% from last year.
Active listings increased slightly - 3.0%, which shows that inventory levels are recovering. Compared to previous months, this is good news for buyers - the supply is starting to catch up (a little) to the seemingly insatiable demand.
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 37.94%, compared to the TREB average of 31.7%.
Inventory levels continue at very low levels with 1.0 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 1.0 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 0.6 months inventory in the area. In Whitby, there is just 0.5 months inventory. Many home prices and types are experiencing bidding wars.
The average listing in Whitby spent 7 days on the market. The TREB average was 9 days.
The average listing sold for 113% of asking, again demonstrating that demand is very strong, and a clear indication of multiple offers on many listings.
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.