At the same time, statistics don’t always tell the whole truth either. An example of this, is the average single family home price in Edmonton for the month of October. That figure was $438,935, an increase of 3.02% over the same period last year. To be fair though, that number is a little inflated. In October of this year, we saw 2 different homes sell for well over 3.5 million dollars each. Obviously, that brings the average price in October up by over $9,000.
This is why it’s important to look at other statistics as well. Median home prices are a very valuable tool. While very high priced homes –or for that matter the sale of a very low priced home-will skew averages, the median shows you the price right in the middle. For October, the median price was $397,500. There’s a bit of difference between that and the average. In this instance, when a couple of higher priced homes have so much impact on the average, the median can be a stronger tool for suggesting what price most homes are selling at.
There are many ins and outs to the statistics we present to you each month regarding Edmonton’s Real Estate market. It can be difficult to understand what they mean and how to interpret them. Your local REALTOR® not only understands these numbers and their implications, but also has even more up to the minute information. For the whole truth, talk to your local REALTOR® –here when life happens.