Glossary of Terms
Average days on market (DOM):
Average number of days that a newly listed property was on the market before it sold.
Total dollar sum of all sold prices divided by the total number of units sold.
The price of a typical home in an area.
Benchmark home prices are calculated using a two-step process:
- Step 1:
Estimating benchmark price models: Using all sales records that correspond to the Benchmark property being modeled (i.e., apartment property in Beltline). An equation is produced that estimates the contribution that each of a home’s features (attributes) makes toward its price.
- Step 2:
Calculating the benchmark price: The values assigned to each of the features that describe a benchmark property are fed into the equation produced in Step 1 to arrive at its benchmark price.
CREB® resale data:
- Includes all resale transactions performed by CREB® members in any location.
- New home data is only included if it was listed on the MLS® System by a CREB® member;
- Data from areas in which a large component of transactions occur from members of another board is not reliable for trend purposes.
Total number of properties currently available for purchase.
A typical home has features that are common within a particular community. The common or average home is identified through various features, including above ground square footage, lot size, number of bedrooms, and number of bathrooms.
By using the sales data for each property type and location, typical features or characteristics can be identified. For example, if most detached homes sold in a community have three bedrooms and three bathrooms, the features/attributes of the typical home will have that same combination of features. For attributes such as square footage and lot size, the median value is used.
Month-over-month percentage change.
The sold price based on the midway point of all the units sold.
Months of supply:
Total number of units in inventory divided by the total number of monthly sales.
MLS® Home Price Index (HPI):
The MLS® HPI reflects todays price indexed to January 2005 levels, enabling you to compare price levels and trends locally—for specific housing types and neighbourhoods, or across other Canadian markets covered by the index. Click here to learn more about how the MLS® HPI is calculated.
The number of properties that entered the market based on the date they were recorded in our system.
Quarter-over-quarter percentage change.
Sales price to list price ratio:
Average sales price divided by the average list price of the properties sold.
Sales-to-new listings ratio:
Total number of sales in a month divided by the total number of new listings for the month.
Total sales volume:
The dollar sum of all sold prices.
12 month moving average.
Year-over-year percentage change.