Whitby Real Estate – Number of New Listings and Sales Have Increased
Whitby real estate saw an overall increase in the number of new listings coming onto the market compared to October 2014. The number of new listings saw a increase of 4.22% month over month and an increase of 0.49% year over year. The number of sales for the month also saw an increase of 12.57% compared to October 2014 and an increase of 12.87% year over year.
The months of inventory indicator is used to determine supply and demand in the real estate industry. The MOI is calculated using the number of new listings divided by the sales. In other words, it no other homes came on the market, how long would it take to exhaust the current inventory. The chart below indicated that the MOI ending October 2015 was just 1.34 months – down from 1.43 months at the same time last year. When we see the MOI this low, it is indicative of a seller’s market and we often see higher sales prices as more buyers compete for quality listings.
Whitby real estate saw the an increase in average price in October compared to the same time last year. The average home price at the end of October 2015 increased 8.67% month over month, and year over year average prices are up 12.87%. We continue to see quality properties selling quickly with the average days on market before a home sells being just 14 days.
To get an accurate picture of what the real estate market is doing in your neighbourhood, I invite you to contact me today for more information.