House Prices in Whitby, Ontario, for February 2015 - Attached Row Townhouses
Real estate market data for Whitby, Ontario, for February 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)
Some points of Interest for February 2015:
ü The average price, for Attached Row Townhouses in Whitby in February 2015, increased from $333,153 in February 2014 to $365,655 in February 2015 – a significant increase of $32,502 = 9.76%
ü The lowest average price for a month during the year was $331,360 in May 2014; the highest average price was $365,655 in February 2015
ü The median price, for Attached Row Townhouses in Whitby, increased from $319,500 in February 2014 to $360,000 in February 2015 – a significant increase of $40,500 = 12.68%
ü 24 Attached Row Townhouses were sold in Whitby in February 2015; this is 6 more than the 18 sold in February 2014
ü There were 29 new listings for the month; 8 more than February 2014
ü There were 14 active listings at the end of the month; 3 less than February 2014
ü Average sold price was a high 102.43% of listed price; in February 2014 it was 99.36%
ü Average days on market was an extremely low 6.6; in February 2014 it was 12.8 days
Buyers’ Market, Sellers’ Market or Balanced Market?
FOR ATTACHED ROW TOWNHOUSES IN WHITBY IN FEBRUARY 2015:
· Ratio of Sales to New Listings:
Sales = 24; New Listings = 29
Ratio is 24/29 = 0.83 = 83%
As this is over 60%, it indicates a strong Sellers’ Market
· Absorption Rate – Ratio of Sales to Active Listings:
Sales = 24; Active Listings = 14
Ratio is 24/14 = 1.71 = 171%
As this is over 20%, it indicates a strong Seller’ Market
· Number of Months of Inventory:
Sales = 24; Active Listings = 14
14/24 = 0.58 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 February 2015 was an extremely low 6.6 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 a high 102.43%
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 February 2015, there was still strong competition among Buyers with little 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:
“Large annual increases in transactions were noted for most major home types, in the City of Toronto and surrounding GTA regions.
Even with the record low temperatures last month, we still saw an increase in the number of people purchasing homes in the GTA. This speaks to the importance households place on home ownership and the fact that buyers continue to view ownership housing as a quality long-term investment in which they can live.
The overall supply of homes for sale, as measured by the count of active listings at the end of February 2015…. means that market conditions became tighter, leading to more competition between buyers.”
Jason Mercer, Director of Market Analysis for TREB said:
" The strong year-over-year price growth we experienced in February points to the robust demand for ownership housing in the GTA, coupled with a constrained supply of homes for sale in some market segments, especially where low-rise home types like singles, semis and townhouses are concerned.”
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
February 2014 to February 2015
You will see, from the above graph, that:
· 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 $365,655 in February 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 24 in February 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 February 2015, of $365,655 was reasonably congruent with the median price, for the same period, of $360,000.
Average Ratio of Sold Price to Listed Price
Whitby Attached Row Townhouses
February 2014 to February 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 $350,000 and it sells for $346,500, 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 102.43% in February 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 very strong competition among Buyers during the month with little 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
February 2014 to February 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 February 2014, the average days on market was a very low 12.8 days. For all of the year it remained below 17 days and finished at an extremely low 6.6 days in February 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
February 2015
Summary:
All of the indicators, for Attached Row Townhouses in Whitby in February 2015, point to the conclusion that the existing strong Sellers’ Market conditions were continuing.
It is clear that, in February 2015, there was still very strong competition among Buyers and there was little opportunity for Buyers to negotiate on price.
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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