LSTAR, the London St.Thomas Association of Realtors, recently released sales statistics for the month of December and the year 2010.
The average price for a home in the Association's jurisdiction in 2010 rose 6.3% for detached homes to stand at $240,147, 7.9% for condos to stand at $171,098 , and 6.4% for total residential to stand at $227.056. The average sale price is calculated based on the total dollar volume of all properties sold.
However, LSTAR cautions that, while average sale price information can be useful in establishing trends over time, it should not be used as an indicator that specific properties have increased or decreased in value.
A common mistake is believing that that average increase applies automatically to your home.
Let's take a different look at 2010 and 2009
During 2010 more higher priced homes sold than in 2009, while a smaller number of lower priced homes sold
If the number of higher priced homes sold goes up while the sales of lower priced homes go down, the overall average will go up.
What does this mean to you?
It's a good bet, that your home is not average and shouldn't be evaluated that way.
Your home's value may have increased by more than the average or in some cases decreased. It depends on several factors; the condition of your home, upgrades and improvements, curb appeal, decor, your neighbourhood and of course, supply and demand.
If you are thinking of selling be sure to ask me for a "top to bottom'" review of your home and a thorough Comparative Market Analysis.
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