How to Read Sold Prices & Comparables Like a Pro
Quick answer
Sold prices tell you what buyers actually paid; list prices only tell you what sellers hoped for. To value a home, find recent sold comparables — similar type, size, condition and location, ideally within the last 90 days and a few blocks away — adjust for differences, and check days-on-market to gauge demand. Comps, not asking prices, should anchor your offer or list price.
Why list price misleads
Strategic underpricing (to spark bidding) and overpricing (to test the market) make list prices unreliable. Only sold prices reflect what the market actually paid.
What makes a good comparable
- Same property type and similar size
- Sold within the last ~90 days
- Close by — same neighbourhood or building
- Similar condition, finishes and lot
- Adjust for meaningful differences (a parking spot, a finished basement)
Read days-on-market and price changes
Low days-on-market and few price cuts signal a hot market (expect competition); high days-on-market and reductions signal negotiating room. Pair this with the comps to set your number.
Key takeaways
- Sold prices beat list prices for valuation.
- Good comps are recent, nearby and similar.
- Adjust comps for real differences.
- Days-on-market reveals demand and negotiating room.
Frequently asked
What are real estate comps?+
Comparables — recently sold homes similar in type, size, condition and location used to estimate a property's value.
Can I see sold prices in Ontario?+
Yes — platforms like Summitly surface recent sold prices and trends so you can value homes with real data, where permitted.
How recent should comps be?+
Ideally within the last 90 days, since the market can move quickly. Older sales need adjusting for changes since.