Data doesn't lie. "Statistics" do.
"Statistics" can be skewed in a number of ways to portray "information" and make headlines to favour the desired outcome. Actual raw data is always the best way to get the most accurate picture.
To paint the most accurate picture that is relevant to your area and property type, here you can find current REALTOR® Stats Centre Reports and see what is happening in the market for yourself. The reports are broken down individually for Condos, Townhomes, and Detached Homes, while containing various graphs and charts to provide you with enough information to get the facts. If you would like more comprehensive information, or help interpreting all of the numbers even further as to how they relate to your actual property, feel free to send me a message, or give me a call, and I will be more than happy to speak with you (and can give you a market evaluation for your home).
The graphs contained in the REALTOR® Stats Centre Reports are broken down into the following:
- HPI - The MLS® HPI measures the rate at which housing prices change over time by taking into account the property/home/land, etc. sold, on a weighted criteria scale.
- Average Price per Square/Foot - This is the average price a property sold for, divided by the amount of sales in the area. This measure can give you a rough idea of what properties are worth, however it does not take into account many factors such as land size, finishing, age, condition, etc. therefore you should not solely rely on this number.
- Benchmark Sales Price - This is the overall average price that properties have sold for, adjusted to the HPI . As above, this will give you a rough idea of what the average property is worth. Again, looking just at this number does not take into account many factors such as land size, finishing, age, condition, etc. therefore you should not solely rely on this number.
- Average Days on Market - This figure shows what the average amount of days a property is on the market until it is sold.
- Total Active Listings - This figure shows the total amount of properties listed for sale on the MLS®.
- Sales - This figure shows the actual amount of properties sold.
- One Year Change - This figure shows the average of how much a property was actually sold for versus one year ago.
- Sales to Actives Ratio - This figure shows you the ratio between the amount of properties that were sold versus on the market. Multiply this number by 100 and this will give the percentage.
- Bonus: If you would like to know how many months of inventory are in an area, take the number of active listings and divide it by the number of sold listings