Here in Calgary Alberta, watching the average home price has become something of a sport over the past couple of years. In Calgary, we've come out of an incredible boom where anyone who purchased a home 10 years ago watched with glee as the average home prices soared and the value of their home in most cases more than doubled. Watching this past year as the average home prices have dropped, perhaps hasn't been as much fun to watch as spectator sports go. But of course thats what the real estate market does -- it goes up... and it goes down.
It's important to remember though, that the average home price in any given area can be somewhat misleading. Here in Calgary we have some pretty high priced properties, and when one of them sells, it can distort the average.
Take for example, homes in the community of Lake Sundance. In this neighbourhood we have a wide range of home prices. As I write this on October 18th, 2009, there are 20 homes for sale in Lake Sundance. And if you believe in averages, you might believe that the average home price in Lake Sundance is $690,450. In fact that's what the statistics on MLS are telling at this moment. But would you be surprized to know that not one property is listed at $690,000 in Lake Sundance? In fact, there isn't even one single active listing in Lake Sundance in the $600,000 - $700,000 range or the $700,000 - $800,000 range.
The fact is, homes in Lake Sundance range in price from $299,900 to $2,999,900. You read that right: Under $300,000 to just under 3 Million dollars. Here's the break down:
Out of 20 homes currently listed for sale in Lake Sundance half of them are between $300,000 and $500,000. 2 of them are under $300,000, 4 of them are over $500,000, and 3 of them range from $1,650,000 to $2,999,900. Can you see where the average can guide you down the garden path?
By the way, the Median Price for Lake Sundance is currently $419,900. That's the price half way between the highest price and the lowest price.
Just another way of looking at the real estate market... Sometimes it takes more than the average to paint the picture.
If you want to see what's available Right Now in Lake Sundance check out www.LakeSundanceHomes.com
My experience is in advertising and marketing. My passion is HOME -- for my family and my clients. Put my experience to work for you. Bernice Dubon, Royal LePage Solutions www.yourhomeincalgary.com
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