Market Update: Focus on Whitby

From time to time, I plan to do a sale activity focus on a particular market segment and in this instance, I'll cover Whitby.

In October, 84 of 128 listed detached homes were sold (65%) at an average price of $342,137 [Note: 65% and higher indicates a Sellers' Market]
To compare, in October 2008, 60 of 312 homes were sold (19%) at an average price of $327,104 [Note: Less than 45% indicates a Buyer's Market]
The average Days On Market (DOM)

• October 2008: 41
• October 2009: 20
  

So several things immediately come to light

• there are considerably fewer detached homes on the market this year, than last (almost 60% fewer!)
  
• the actual number of homes sold is up 40% over last year
  
• the average price is up, most likely influenced by the relative shortage of homes on the market

But it's not like that across the board in Whitby.
To compare, let look at condo townhomes.

In 2009, 11 of 19 (58%) sold for an average $206,355
In 2008,  15 of 31 (48%) sold for an average $206,477

So prices for condo townhomes in Whitby haven't risen much, if at all over last year even though there are almost 40% fewer on the market. Sales are actually down 27% over October last year too, which also helps account for the lack of change in average selling price.

In comparison, across the GTA, the average sale price was up 20% over last year, to $423,559 and the number of homes sold (all types) jumped 64% to 8,476 this year.

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