May Whitby Real Estate Report
The Toronto Real Estate Board (TREB) has released its latest Market Watch report. As you might expect, the the real estate housing market is continuing to rise at a frantic pace. In April, the Average sale price for a house in Whitby was $564,056, which was up over 20% from the average price of $467,875 last year. This has only slightly outpaced the Region of Durham as a whole, which rose 18% from last year to this year, with an average sale price of $520,199.
The continually increasing market is driven by basic economic supply and demand. Last April we saw 324 new listings come on the market in Whitby and in comparison, this year we saw a similar number with 321 new listings. The real change comes when we saw 242 sales last April and that increased to 273 sales this year. Some people have gotten excited and think that anything can, and will sell. Last month 85% of the houses listed sold, and while that is a vary high percentage, it is still not 100% of the listings. Even in this wild market, it still pays to use a Realtor, get your house properly prepared for sale and market it professionally.
Another indicator of just how strong the market is, is the number of days a home is on the market before it sells. Last April the average Days On Market (DOM) was 15 and this April it was only 10 Days. Last April the average sale price was 101% of the list price and this year the average sale price was 105% of the list price. Keep in mind that the current average DOM of 10 days is also a little misleading as we are seeing homes being listed, and offers held off for anywhere from 7-10 days. In most cases, homes are actually selling on the 1st day that offers are allowed to be presented.
To further show the supply and demand issues, last April at the end of the month there were 193 homes for sale in Whitby and at the end of this April there were only 139 listings. It is a very competitive market out there and whether your are buying or selling you need an experienced Realtor to help you. With over 15 years experience, we know what it takes to navigate this crazy market and are here to help. Feel free to contact us any time.