The Toronto Real Estate Board has reporting another record month with the average price in the GTA at a new all-time high.  This also applies to Whitby where the average house sold for $490,377 in May which is up 15% from last May when the average house sold for $426,579. 

The average sale price of a detached home in Whitby was $547,734 while the average sale price of freehold townhouse was $388,842 in May.

The main driving force behind these record prices is demand with the average house selling for 102% of the asking price which means homes are still selling in bidding wars with multiple offers.  In the past several month, it has become the norm to hold offers and try to inspire a bidding war when listing any house for sale.  It is now a rarity to see a house listed on MLS that is not holding offers.

As you can see by the stats above, the numbers of homes sold was about the same year over year, however, the supply of homes to buy has actually gone down slightly  This is in part what has driven the number of days a home is on the market down and the Sale to List Price ratio up. 

Last year the average house was being sold for 1% less than it was listed for, and this year, it is selling for 2% more than it is listed for.  Remember these are averages and it is not uncommon to see a home going 10% or more over list price on a hot listing.

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