January 23, 2012
CREB Forecast and the MLS HPI
This past Wednesday the Calgary Real Estate Board (CREB) hosted their annual forecast breakfast. Expert presentations were offered. A big takeaway was the 2012 outlook. If you are interested in reviewing the statistics behind the press releases and headlines, then have a read.
The last week has been very busy in the marketplace so this is a great indication for the momentum building for the year.
Another statistic you will soon see in the media is the MLS House Pricing Index (HPI). Coming to Calgary in February, this index is intended to clear up the misinterpretation that often accompanies 'average price'. As average prices can be skewed by the composition of sales, it does not reflect price trends based on the type and features that a home provides. For example, one luxury home sale in a community can raise the 'average price', however that doesn't mean other homes have increased in value.
The MLS® HPI is calculated using a sophisticated statistical model that estimates home prices based on their quantitative and qualitative feature. More information will be available as this new metric is made available and I am curious to see how it is understood and adopted.
At the end of the day, if you want to understand the market and the value of your home, give me a call. You don't need to understand statistical models or the economic forecast, that's where I help out. If you want to understand the numbers that are behind the 30 second tv spot then enjoy the read.
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