Hey Michael, great video as always. Why does sold over asking actually matter, when the listed price is usually just a sales tactic. Not an actual measurement of value
Hi! Thanks! Wow, what a hard question! Usually it's a representation of how much of a seller's market or buyer's market we're in. More importantly is the percentage of listings that sell over asking price. You can see how this number is rising and dropping with the number of months of inventory. Let's also remember that in 20% or so cases, the listing sells over asking price, even though the listing was priced at market value
⏰TIMESTAMPS⏰
00:00 Introduction
00:42 Average Detached Sold Price
02:08 5 Year Historical Average Price
03:37 GTA Average Prices 2023 vs 2024
Hey Michael, great video as always. Why does sold over asking actually matter, when the listed price is usually just a sales tactic. Not an actual measurement of value
Hi! Thanks! Wow, what a hard question! Usually it's a representation of how much of a seller's market or buyer's market we're in. More importantly is the percentage of listings that sell over asking price. You can see how this number is rising and dropping with the number of months of inventory. Let's also remember that in 20% or so cases, the listing sells over asking price, even though the listing was priced at market value