Prices for Detached Homes in Whitby, Ontario, for October 2014
Real estate market data for Whitby, Ontario, for October, 2014 provided by Brian Wiseman LL.B., CIPS of Keller Williams Energy Real Estate Brokerage
Whitby Home Prices for Detached Homes
Some points of Interest:
ü The average price, for detached homes in Whitby in October 2014, increased by 8.15% over the average for October 2013
ü The median price, for detached homes in Whitby in October 2014, increased by 8.18% over the average for October 2013
ü There were 173 new listings during October 2014 but only 156 active listings remained at the end of the month
When the number of active listings remaining at the end of the month is less than the number of new listings for the month, it is an indication that there are significantly more buyers than sellers.
This, in turn, means that the Sellers’ Market is continuing.
ü The fact that it is still a Sellers’ Market in confirmed by two other statistics:
(1) The average number of days that detached homes in Whitby were on the market in October 2014 was a very low 18.3 days; and
(2) The average ratio of Selling Price to Listing Price for detached homes in Whitby in October 2014 was a high 99.14%.
This is a clear indication that there was competition among Buyers during the month and low opportunity for Buyers to negotiate on price.
Jason Mercer, Director of Market Analysis for Toronto Real Estate Board says:
“While sales growth has tracked strongly so far this fall, many would-be home buyers have continued to have difficulties finding a home due to the constrained supply of listings in some parts of the Greater Toronto Area, particularly where low-rise home types are concerned. The resulting sellers’ market conditions are forecast to drive strong price growth through the remainder of 2014 and indeed into 2015 as well.”
In a seller’s market, buyers have to:
· make quick decisions
· have, already, done adequate research
· know exactly what they are looking for
· know how much they can afford to pay by having arranged pre-approval of finance
· have a real estate agent working for them who:
ü knows and understands the market
ü through listing alerts, will bring the buyer’s attention homes that meet the buyer’s criteria immediately they are listed for sale (in a Sellers’ Market, it is important for Buyers, who are ready to buy, to know immediately a home, that meets their criteria, comes on to the market)
ü can show the buyer the prices that are generally being paid, compared to listing prices, in the current market
Do you know that, as a potential buyer, in almost every case, you can have an agent working for you, without you having to pay for their service & advice.
This is because the buyer’s agent is usually paid by the seller’s agent.
It is advisable for buyers to use an agent who is totally independent from the seller’s (listing) agent. This avoids any conflict of interest during negotiations for a purchase.
Monthly Average Price and Number of Homes Sold
Whitby Detached Homes, October 2013 to October 2014
You will see that, over the last 12 months:
· the monthly average selling price for a detached home in Whitby has ranged from a low of $441,272 (November 2013) to a high of $529,024 (January 2014), and nearly reached that high point again in September 2014
· the number of detached homes sold in Whitby in one month has ranged from 50 (December 2013) to 186 (May 2014).
Average Ratio of Sold Price to Listing Price
Whitby Detached Homes, October 2013 to October 2014
The average ratio of price sold to price asked (list price) is an indication of demand for homes related to the listing price.
If a home is listed for $500,000 and it sells for $495,000, the sold price to ask price ratio is 99%.
You will see, from the above graph, that over the past 12 months, the monthly average selling price to market price ratio for detached homes in Whitby ranged from a low of 98.18% (November 2013) to a high of 100.20% (February 2014).
When the average exceeds 100%, it is clear that quite a few homes sold for above asking price during that month. Even the lowest month had an average of 98.18% - very close to asking price.
This is an indication that there is a little room for a buyer to negotiate because of competition amount buyers – it’s an indication of a Sellers’ Market.
Homes that are well priced for the current market tend to sell quickly and close to, or above, asking price.
Average Days on Market
Whitby Detached Homes, October 2013 to October 2014
The average number of days that homes are on the market is an indication of:
· the average number of days from the time a home is listed for sale until it is Sold Firm (unconditional);
· the relationship between supply (sellers) and demand (buyers) – the number of potential buyers compared to the number of homes listed for sale
You will notice, from the above graph, that, in December 2013, the average days on market was 28.6 days and it reduced to 15.2 days in March 2014. At the end of October 2014, it was 18.3 days.
An average of 30 days or less is a clear indication that the number of buyers is more than the number of homes for sale. This is another indication of a Sellers’ Market.
Homes that are well priced for the current market tend to sell quickly and close to, or above, asking price.
Whitby Home Prices - Detached Homes - October 2014
Summary:
In October 2014:
· 123 detached homes were sold in Whitby; this is a decrease of 2 below the 125 that sold in October 2013
· Average price was $487,121 this is an increase of $36,725 above October 2013
· Median price was $459,750; this is an increase of $34,750 above October 2013
· There were 173 new listings for the month; a decrease of 35 below October 2013
· There were 156 active listings at the end of the month; a decrease of 47 below October 2013
· Average selling price was 99.14% of listing price; in October 2013 it was 98%
· Average days on market was 18.3 compared to 29 in October 2013
Find Homes for Sale in Whitby, Ontario
YOU ARE INVITED to visit my website, at any time and as often as you like, to find pictures & details of homes for sale in Whitby:
For photos and details of homes currently for sale in Whitby:
You can also arrange to be notified when Whitby homes, that meet your criteria, come onto the market.
These services are available to you without obligation.
If you are thinking of selling, you can also search on my website for homes, similar to yours, that would be competition for your home, if you list it for sale.
Obtain an indication of the market value of your home.
For answers to your questions, email me; or call 905-723-5944.
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