Zolo is the most popular national real estate site in Canada and one of the nation’s busiest real estate marketplace. Each month more than six million home shoppers start their real estate search using Zolo online or the Zolo app. These users get the data and resources needed to make better-informed property decisions.
Zolo serves all those involved in the real estate transaction from buyers, to sellers, to renters, to investors, to homeowners and renovators. Zolo’s aim is to empower consumers with data, provide insight and connect people with the best local professionals.
Zolo Trends & Real-Time Statistics
Through our market trends reports, Zolo offers a comprehensive snapshot of each city’s current real estate market trends. This includes:
- Average selling price for all property types for the current month (based on last 30 days, not on a calendar month);
- Percentage monthly change in selling price for all properties (based on comparison of current 30 days and last 30 days);
- Percentage quarterly change in selling price (based on last quarter);
- Percentage annual change in selling price for all property types (based on average selling price of current 30 days and compared to average selling price of last years same 30 day period).
The market trends report also captures the average sold price trend for the last year for all properties and offers a glimpse on what to expect for the near-term future of the city’s real estate market. This pro-rated trend is based on Zolo’s proprietary calculation that eliminates the lag between a finalized sales contract and the actual reporting of the sale to the Multiple Listing Service (where homes are listed for sale) and the city’s respective real estate board or association.
How we calculate our real-time data
Rather than relying solely on board reported data, Zolo chose to analyze and define the timeline of a listing contract turned sale.
A listing contract — the legal document that is required for a home to be listed on the Multiple Listing Service — is firm only when the seller and home buyer agree to the final terms of the transaction. For example, a seller and buyer may agree to the terms of a sale on May 6 and this would mean that the contract is firm as of May 6. However, if there are outstanding conditions that need to be met or the agent is particularly busy, there may be a delay in reporting the sale of that home. This delay could add another week, two weeks, three weeks and even four weeks or more to the reporting of that finalized home sale. However, the board cannot include this sale in their statistics until it is updated by the agent. As a result, a percentage of sales in, say, April will actually be added to May or even June sales statistics. This creates a data lag.
To help avoid this lag — and provide more accurate market statistics — Zolo created a proprietary algorithm that factors in these market lags. By developing an algorithm that pro-rates data we created 28 and 56-day market cycles (we use both as some months have more weekends than others). The result is the ability to make realistic, real-time comparisons of sales activity for each market cycle, which enables us to make like-for-like comparisons.
The pro-rated aspect of the algorithm captures the sales transactions that are historically missing from the data due to the late reporting of the final sales status. Based on our analysis, we know that approximately 30% of home transactions are reported late.
The final results are average sold price trends and sales volume by property trends that provide a realistic snapshot of what to expect in the near-term for any given market.
In addition to this data, Zolo automatically calculates, based on real-time board reported data, the average listing price, the average days on market (DOM) and the median number of days listings are staying on the market.
The market trends report also breaks down how each property type is doing based on the number of bedrooms and the time-frame (current 30 days, 3 months ago, 6 months ago, and 1 year ago). Finally, the report lists the number of new listings in the city in the last 28 days, the number of homes sold in the last 28 days, the average days on market and the sale to list price percentage (and all are updated using real-time board data, which is refreshed every 15 minutes or less).
Zolo News Blog
In addition to the market statistics and trends report, Zolo publishes news, insights and advice related to the housing market across Canada and the world. The Zolo.ca/news blog is updated almost daily and offers everything from homeowner tips, to home buyer advice and guides for sellers on when it’s the best time to list a home for sale.
To contact Zolo about statistics, access to data or to obtain market insights, please contact: