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Home Blog - Statistics

Median Vs Average Values in Real Estate

What is the difference between median and average values? How does this affect your pricing strategy?

Let’s start by discussing the “average”, also known as the “mean”. This statistic is fairly easy to understand, as well as, to calculate. Just for purposes of this example, I want you to consider the current active properties (for sale) in your local market.

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The MLS is Never Wrong, Right?

Before we dive into this question, consider that a finished product is only as good as the raw materials used in its creation. Likewise, a statistical report is only as good as the raw data used in its analysis. So now, realistically, how good is the data in your MLS?

Well to be honest, it’s probably very good actually. You can rest assured that the overwhelming majority of your MLS data is quite accurate. However, typographical errors can and sometimes do happen which will unfortunately skew a statistical report. The extent of which depends on the severity of the typo.

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The Absorption Rate is a Windsock

A windsock tells you the direction and intensity of the wind.  Similarly, the absorption rate of real estate is one method to determine how fast homes are selling.  Track it over time, and you have a trend.  This is a very useful tool that helps real estate agents manage their client’s expectations when listing a home.  However, it is important to remember that this is just an estimate and should never be presented as a guarantee of future performance. 


This figure is very easy to determine on your own.

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