Comparing Condo Sale Prices per Square Foot

There are a number of ways to compare condos within a given market. One such way is compare sale prices realized per square foot. This is only one way to measure a condominium, and it is not the full story. However, we can still use this as an effective term of measurement. It is important to have a methodology in place that will ensureo ensure that the comparisons are fair and accurate. Here is a general methodology that you can follow: !.) Determine the total living area of the condominiums: To get an accurate comparison of price per square foot, you need to calculate the total living area of each condominium. This should include all rooms that can be considered living spaces, such as bedrooms, living rooms, dining rooms, and kitchens. Exclude areas such as balconies, storage spaces, and parking spots as these are not considered living areas. 2.) Obtain the sale prices of the condominiums: You can obtain the sale prices of the condominiums you are comparing from various sources such as real estate MLS websites or through a real estate agent. 3.) Calculate the price per square foot: Divide the sale price of each condominium by its total living area. This will give you the price per square foot for each condominium. Make sure to round the result to two decimal places. 4.) Analyze the data: Once you have calculated the price per square foot for each condominium, you can analyze the data to compare the different properties. Look for patterns and outliers. You may want to calculate the mean, median, and mode of the price per square foot to get a better sense of the typical range. 5.) Consider other factors: Price per square foot is not the only factor to consider when comparing condominiums. You should also look at other factors such as the location, age of the building, amenities, and condition of the unit. These factors can have a significant impact on the value of the property. We recently completed an extensive study of the condo market in Mississauga, Ontario, Canada. You can access this data in spreadsheet form here: https://docs.google.com/spreadsheets/d/1CKlABTg5umWhtHVMLpPoeV5-Ixqa-iP5swkN6c8rM2A/edit?usp=sharing By following this methodology, you can compare condominiums by price realized per square foot, and thus establish a ranking system. This will help you make a more informed decision when choosing which property to invest in.