House Prices in Whitby, Ontario, for January 2015 - Attached Row Townhouses
Real estate market data for Whitby, Ontario, for January, 2015 provided by Brian Wiseman LL.B., CIPS of Keller Williams Energy Real Estate Brokerage
Whitby House Prices – Attached Row Townhouses
(See explanation of 5 different house types)
Author’s Note:
In reviewing the market statistics for the month of January, it is relevant to note that, due to preparations for the holiday season, the holiday period itself (and the weather!), real estate activity is usually significantly lower than at other times of the year.
This should be kept in mind when considering the information in this Market Report.
Some points of Interest for January 2015:
ü The average price, for Attached Row Townhouses in Whitby in January 2015, increased from $332,466 in January 2014 to $355,157 in January 2015 – a significant increase of $22,691 = 6.83%
ü The lowest average price for a month during the year was $331,360 in May 2014; the highest average price was $359,212 in November 2014
ü The median price, for Attached Row Townhouses in Whitby in January 2015, increased from $330,575 in January 2014 to $350,000 in January 2015 – a significant increase of $19,425 = 5.88%
ü 14 Attached Row Townhouses were sold in Whitby in January 2015; this is 2 less than the 16 sold in January 2014
ü There were 20 new listings for the month; 6 less than January 2014
ü There were 9 active listings at the end of the month; 8 less than January 2014
ü Average sold price was 99.86% of listed price; in January 2014 it was 99.81%
ü Average days on market was 11; in January 2014 it was 11.9 days
Buyers’ Market, Sellers’ Market or Balanced Market?
FOR ATTACHED ROW TOWNHOUSES IN WHITBY IN JANUARY 2015:
· Ratio of Sales to New Listings:
Sales = 14; New Listings = 20
Ratio is 14/20 = 0.70 = 70%
As this is over 60%, it indicates a Sellers’ Market
· Absorption Rate – Ratio of Sales to Active Listings:
Sales = 14; Active Listings = 9
Ratio is 14/9 = 1.56 = 156%
As this is over 20%, it indicates a strong Seller’ Market
· Number of Months of Inventory:
Sales = 14; Active Listings = 9
9/14 = 0.64 months
As this is less than 4 months, it indicates a strong Seller’ Market
· Days on Market:
The average number of days that Attached Row Townhouses were on the market in January 2015 was 11 days
As this is less than 120 days, it indicates a strong Seller’ Market
· Ratio of Sold Price to Listed Price:
The average ratio of Sale Price to Listed Price was 99.86%
This is consistent with a strong Sellers’ Market
The above are clear indications that the existing Sellers’ Market, for Attached Row Townhouses in Whitby, was continuing strongly.
It is clear that, in January 2015, there was still strong competition among Buyers and only limited opportunity for Buyers to negotiate on price.
In commenting on real estate statistics for Toronto Real Estate Board (TREB), the Board’s President Paul Etherington said:
“The January results represented good news on multiple fronts. First, strong sales growth suggests home buyers continue to see housing as a quality long-term investment, despite the recent period of economic uncertainty. Second, the fact that new listings grew at a faster pace than sales suggests that it has become easier for some people to find a home that meets their needs.”
Jason Mercer, Director of Market Analysis for TREB said:
" Home price growth is forecast to continue in 2015. Lower borrowing costs will largely mitigate price growth this year, which means affordability will remain in check. The strongest rates of price growth will be experienced for low-rise home types, including singles, semis and town houses. However, robust end-user demand for condo apartments will result in above-inflation price growth in the high-rise segment as well.”
See 5 Essentials for a Buyer in a Sellers’ 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.
See 5 Reasons Why a Buyer SHOULD NOT Talk to a Listing Agent
Monthly Average Price and Number of Homes Sold
Whitby Attached Row Townhouses
January 2014 to January 2015
You will see that, over the 13 month period:
· the monthly average sold price for an Attached Row Townhouse in Whitby has ranged from a low of $331,360 (May 2014) to a high of $359,212 (November 2014), finishing at $355,157 in January 2015
· the number of Attached Row Townhouses sold in Whitby in one month has ranged from 42 (May 2014) to 9 in December 2014, finishing at 14 in January 2015
Average prices can be misleading, especially when the number of sales is relatively low.
High quality homes, selling for above average prices can skew the average sold price up for the particular month.
Similarly, lower quality homes, selling for below average prices can skew the average sold price down for a particular month.
When there is a significant increase, or decrease, in average sold price, it is worth comparing the average sold price with the median price for the same period.
For Attached Row Townhouses in Whitby, the average sold price, in January 2015, of $355,157 was reasonably congruent with the median price, for the same period, of $350,000.
Average Ratio of Sold Price to Listed Price
Whitby Attached Row Townhouses
January 2014 to January 2015
The average ratio of sold price to price asked (listed price) is an indication of demand for houses related to the listed price.
If a home is listed for $340,000 and it sells for $336,600, the sold price to ask price ratio is 99%.
You will see, from the above graph, that over the period, the ratio of monthly average sold price to listed price for Attached Row Townhouses in Whitby ranged from a low of 99.18% (October 2014) to a high of 104.63% (December 2014), finishing at 99.86% in January 2015.
You will note that, because of the scale of the graph, the range appears to be much wider than this. In fact, in most months, the ratio was above, or just fractionally below, 100%.
This is a clear indication that there was still strong competition among Buyers during the month and only limited opportunity for Buyers to negotiate on price.
This information is helpful when you are intending to make an offer on a home as it gives a general guideline on the price you may have to end up paying compared to the listing price.
However, it is a guideline only as the figures can vary significantly for individual properties.
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 Attached Row Townhouses
January 2014 to January 2015
The average number of days that homes are on the market is an indication of:
· the period from when a home is listed for sale until it is Sold Firm (unconditional);
· the level of competition between potential buyers
You will notice, from the above graph that, in January 2014, the average days on market was 11.9 days. For all of the year it remained below 17 days and finished at 11 days in January 2015.
This is clear indication that, throughout the year, there has been considerable competition among Buyers for Attached Row Townhouses in Whitby, continuing the indication of a strong 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 – Attached Row Townhouses
January 2015
Summary:
Although the sales of Attached Row Townhouses in Whitby in January 2015 were less than half the average number of sales for the summer months, there are clear indications that the strong Sellers’ Market conditions are continuing.
See 5 Essentials for a Buyer in a Sellers’ Market
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 attached houses, including Attached Row Townhouses, currently for sale in Whitby:
You can also arrange to be notified when 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:
ü Search on my website for homes, similar to yours, that would be competition for your home, if you list it for sale
ü Obtain an indication of the market value of your home
For answers to your questions, email me; or call 905-723-5944.
About the Author:
Brian Wiseman LL.B., CIPS, is a Sales Representative with Keller Williams Energy Real Estate Brokerage in Whitby & Whitby, Ontario, Canada.
In his past lives, Brian was a Partner in Legal Practices, specializing in Real Estate and Business Law in Australia and a Principal of a successful Financial Planning Practice in Australia.
After the sale of his business interests in Australia, Brian started a new adventure by relocating to Canada with his Canadian wife.
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