How accurate are averages?
Friday Dec 01st, 2017
Averages can be a little bit misleading, the median sale price is important. One low or high price sale can skew the numbers.
Here are the October and November detached sales for Erin Mills and Clarkson, both great neighbourhoods in Mississauga.
22 sales, average price $953,873.00, median price $847,500.00. Low sale $675,000.00. High sale $1,400,000.00.
19 sales, average price $1,028,289.00, median price $888,000.00. Low sale $735,000.00. High sale $2,450,000.00.
12 sales, average price $950,125.00, median price $883,500.00. Low sale $763,000.00. High sale price $1,500,000.00.
11 sales, average price $962,762.00, median price $825,000.00. Low sale $670,000.00. High sale price $1,800,000.00.
The next time the media throws avergages prices at you, remember they are not really comparing apples to oranges. Number of bedrooms, garages, square footage, lot size and so on, are not taken in to consideration.
If you want to know about your neighbourhood prices for houses comparable to yours, I would be glad to drill down and give you a more accurate number.