Average vs Median Sale Price
Ever wonder why the media and real estate boards quote average prices rather than the median sale price of homes? The reason is because headlines with higher numbers grab far more attention.
Average and median home prices are usually very different. Sale prices aren't evenly distributed because there are large gaps in price between the least and most expensive homes. This price gap skews the average price even moreso in larger statistical groups such as the average home price of an entire city.
Fully two-thirds of all Calgary houses sold in November sold for less than the city's average sale price of $516,447. Only 1% of all Northeast Calgary homes sold for more than the average sale price for the entire city.…