Blog Issue No. 156
What Does the Median Home Look Like in Today's Real Estate Market?
Times change and so does the way that people will relate to things. Take the real estate market for example. Over the years, the talk of the average home, the average sales price, average days on market was used profusely. People understand “average” The problem with average is that it is a number that can be easily skewed by large or small numbers.
You’ve probably notice that the language around describing homes has changed. The "average home" has morphed into the "median home".
According to Google:
denoting or relating to a value or quantity lying at the midpoint of a frequency distribution of observed values or quantities, such that there is an equal probability of falling above or below it.
It’s a number or description that better represents the true middle of the market.
So, what does the median home look like in our markets?
We took the typical detached home under 1,500 sq. ft., 3 bedrooms, 2 bathrooms and looked at the median sales price was for that home in the Guelph, Cambridge, Kitchener, and Waterloo markets.
You can see what the median sales prices were. More interesting are what exactly those homes look like in each market.
The interesting part about this is just how far your budget will go in each of these municipalities.
There are lots of examples in Kitchener - yes, bigger market and a good number of homes that hit the median definition. Cambridge and Guelph, not so much.
Check out the listings we’ve chosen as examples. We’ve had to scrub the street address because of privacy issues. You can see the entire listing details, sales price and address by subscribing below.
If you are considering a move this year in any of these markets, your Home Group Realty Team has you covered. Call or email us for your private consultation.
A pretty incredible week in the Guelph real estate market.
Let me set the stage:
Last year, this same week we reported 62 homes sold, 48.4% of those home sold at or above list price. A good week in the real estate world.
Fast forward to the week ending May 31 2019. 87 homes were reported sold, a 40.32% increase over the same week the previous year! 39 of the 87 sales were registered at or above list price, that’s 44.83%. Pretty incredible if you ask me.
Despite the sluggish results in the bigger markets, our little pocket keeps pumping out results.
The median numbers crunched out as follows:
Median Home: 1406 sqft 3 beds, 2 baths with a median sales price of $530,000. It took 15 days for that home to sell and the homeowner’s received 99.27% of their list price.
We had 4 properties listed over a million dollars sell this past week. If we had been reporting the average numbers; the average sale price for the week’s results would be $576,598 took 21 days and sellers received 99.46% of their list price. 4 properties would have skewed the overall results significantly and in my opinion we would have overstated the results.
For our subscribers, the sales reports are linked below. We recently started reported the sales results in link form so that you can now see the full details of the sold properties. Once inside the reports look for the buttons in the upper right corner to enable different views.
For non-subscribers you will see a link below this report to subscribe and start receiving our sales reports.
Home Group Realty is a leading independent Brokerage with membership in the Guelph, Kitchener, Waterloo and Cambridge markets. Our Team of Realtors® consistently perform above the median and average agents. If you get value from these reports and are considering a move this year and want superior results be sure to interview one of our team members.
Enjoy the weekend.
Want the details? Subscribe HERE to see the address, photos and more for these properties.
Plus, you will receive our weekly market report blog with neighbourhood sales stats.
We respect your inbox. We only send interesting and relevant emails.