b-LOG: REAL ESTATE STATS: WHY YOU SHOULD(n’t) BELIEVE THEM
Another month and another bucket of stats gets thrown around for our local real estate market.
If there is one thing we’re learning on a monthly basis is there were things happening in 2017 that make year over year comparisons a dangerous prospect.
Exhibit A: For the city of Thorold, the average sale price for 2018 year-to-date is down 5% when comparing to 2017. However, if you take out ‘new construction’ the average sale price year-to-date for Thorold has actually increased in 2018 v 2017. Sure, it’s only increased by $1,000 but the difference in new/not new is definitely noteworthy.
The 2nd half of 2017 was an interesting time as well as the larger data pieces (average sale price, total number of sales, days on market) started to buck the trends of earlier in 2017 as well as in 2016 as well.
So, while the graphics below are helpful, there are markets within markets to consider. For example, detached homes in St.Catharines have an average sale price of $410,000 so far in 2018 which is a YTD record.
Fun Fact: In 2015 that number was $269,000.
Looking into that further and some areas of the city have seen even more growth in this market within the market.
Have a scroll through the graphics below. They are looking at MLS data for June + July in 2018 versus 2017.
To get more specific to a property or neighbourhood, feel free to reach out to us anytime.
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If you would like to chat about your home or the market in general, we’re here to help anytime.
Credit for the inquisitive photo belongs with Mari Lezhava. You can find her on unsplash.
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