Glossary of Terms

Average days on market (DOM):
Average number of days that a newly listed property was on the market before it sold.

Average price:
Total dollar sum of all sold prices divided by the total number of units sold.

Benchmark price:
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.
Inventory:
Total number of properties currently available for purchase.

Typical home:
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.

M/M%:
Month-over-month percentage change.

Median price:
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.

New listings:
The number of properties that entered the market based on the date they were recorded in our system.

Q/Q%:
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.

Trend (12M):
12 month moving average.

YTD:
Year-to-date.

Y/Y%:
Year-over-year percentage change.

Property Types

Detached property:

There are three different property types in the housing market. The largest and most influential segment is the detached market, which can be defined as a unit (home) that is not attached to any other unit.

Attached property: 

The attached segment of the housing market is extremely diverse. There are two different kinds of property in this segment (semi-detached and row) and lots of different product options within both types. 

While attached property is broadly defined as a unit that is attached to another unit by at least one common wall, there are different variations depending on the property type. 

For example, semi-detached product is attached to only one other dwelling by a common wall (two dwellings attached).

Apartment property:

The apartment segment is dynamic and made up of many different kinds of product, from the large high-density buildings in major urban centres, to medium and smaller sized multi-unit dwellings in more suburban areas—and everything in-between. 

For all its subtle nuances and diverse characteristics, apartment property can be simply defined as an attached unit that has connecting enclosed hallways.

Data above defined by CREB®

Questions?

Do you have a home-related question for a Calgary-based REALTOR®? You can ask literally anything, but if you’re looking for ideas, here are some examples of questions you could ask: How do I get the best mortgage? Why do condo fees exist? Which type of house should I choose?