When analyzing the market trying to get a handle an where it’s headed, there are a number of data points that I find valuable. This effort is ongoing. When searching for a client selling or buying, I have to get more specific to their situation, the property, and expectations.
One of these metrics alone may be a nice sound bite but one doesn’t tell the story or predict where we might be going. It’s through the collection of data and opinions that we find the truth. Another point, looking a just one week or month tells us very little. It’s the comparison and charting that gives us the most direction.
What you see above and why:
Median SOLD Price and the Percentage of Change: I keep track of the SOLD prices monthly, quarterly and if the market is changing quickly, we look at weekly numbers. Obviously, we see the direction of the market.
Percentage of Homes SOLD the First Week and Number of Homes SOLD Each Month: This tells the urgency in the market. This number can be affected by complacent buyers and an overpriced market.
Months of Inventory and Days on the market: These are 2 numbers missing from the equation. This gives us an idea of the volume of homes buyers have to look at and the heat of the market.
All data from NWMLS searches and compiled by Tom Perry – Realty Executives Brio.
Be, Red, Iss, Kir – Residential-No New const-No condo-No townhouses
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