Quick Stats Tool: How Is My Real Estate Market Today?

By: Diane Ives, CRB, CRS, and MRIS Instructor

MRIS, June 23, 2008-Another quick and helpful way to track the condition of the real estate market is by determining how many available listings exist in relation to the number that sold. There are two ways to obtain the information. Log on to www.mris.com.Method One: Hover over reports and statistics, click on market statistics. These reports are published on the 10th of the month and provide a snap shot of market activity. Find the number of properties that sold and the number of properties active at the end of the month. On a piece of paper, write down the number sold and call that A, write down the number that are active and call that B. To solve for C (how many actives are there for each sold property), divide A into B (as represented in the following formula). B÷A=C. Let’s use, as an example, that there were 25 sold properties and 250 active properties 250÷25=10.

Method Two: Click on Matrix, click the Search tab, click General, and enter the County, Status = Sold, Close Date = 30+ or use a date range, click Count. The result is the number of sold in the last thirty days or during your chosen date range. Click Revise and change the Status to = Active. Remove the Close Date information, and click For Sale = Yes, click Count.

Divide the number of sold properties into the number of active properties (use the formula found in method one) and the result will be how many actives there are for each listing that sold.

If you do this simple calculation every month, you will begin to see a trend develop and you’ll quickly discover market changes.

Diane Ives, CRB, CRS, is an MRIS Instructor

For more information, e-mail communications@mris.com.

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