Your House Price and The Market

Posted by Patrick Galesloot on Wednesday, February 28th, 2018 at 10:38am.

You've priced your home to sell, and wondering what's happening out there in the market.  The supply and demand for real estate vary by location, property type, and price range.  Yes price range.  What's happening in your price range?

The average price and median price for real estate is usually a function of income.  Our incomes can only support a mortgage so big.  There are plenty of mortgage calculators out there to assist you in determining "how much mortgage can I afford".  This average is true in Red Deer, AB.  Not so much in a Toronto or Vancouver market.  The sales volume by price range is reflective of the income levels in the area.  For a good affordability calculator check out his one.

Looking at the MLS® sales data for January 2018.  Plotting the sales by price range indicates that the most popular price range for real estate buyers last month was $250,000-$300,000.

MLS® Sales Volume by price range.

That number "feels" lower than it should be.  The average MLS® sale price for all properties in Redd Deer (January 2018) was $323,034.  You can see how the volume influences average price stats.

Charts like the one above are a good reference for sellers who have their home listed in a price range that is "slower" than others.  If your home was listed for sale at $750,000 and see that there were NO sales reported for that price range, then you can take comfort that it's not just your home.  

 

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