The Toronto Real Estate Board (TREB) Market Watch report for April is in and it confirms what we already know.  The market is HOT!

A hot market is good news for sellers and not so good news for buyers.  It means houses are selling fast and often in multiple offers for over asking. 

For the second month in a row the average sale in Whitby was 101% of the asking price.  This is driven by a huge demand without the supply to match it.

This means if you are looking to buy a home you are likely going to have to compete in bidding wars.  It also means if you are looking to sell this is a great time for you to get top dollar for you house.

The average price for a house in Whitby for April was $468,875.  This is up over 11% from last April.  The average detach home price was $518,705 and the average freehold townhouse was $381,100.

Aside from the prices most of the market stats are comparable to last April. 

As you can see while the number of sale were virtually identical and the number of new listings were identical, the number of active listings at the end of the month were down from 266 last year to 193 this year.  That low inventory if part of the reason that the average house is selling for more than the asking price.

The average days on market of 14 can be deceiving, with most listings receiving offers much more quickly than that.  This number often include a holding period before the seller will entertain offers and 5 banking day (7 calendar days) to fulfill conditions.  In addition, it is an average so the desirable properties are selling more quickly and properties that, for whatever reason, are less desirable are brining that average up.

I summary; the market is a HOT!  It is a sellers’ market and if you are thinking of selling you may want to act quickly as the spring market is usually the hottest market of the year.

If you would like more information, feel free to contact us.  We are always here to help.