Weekly SFR MLS Survey: (6 Communities) Explanations:
What this survey is: This survey was initially intended for the sales and broker associates in our San Mateo office. The purpose was to give them a “real-time snapshot” of the Single Family Residence market in six communities surrounding our office. Additionally the survey also includes data from the previous three years at approximately the same time of year to provide a historical perspective (primarily the number of units in each listing status).
I categorized this survey as “real-time” because most reports are usually generated after the end of each month. Sales price and some other information about the transaction are typically not disclosed until after escrow closes. Transactions close escrow Monday – Friday, holidays excepted, during the month.. As escrows sometimes can take 30 – 60 days to close, the market conditions when that sale ratified may be different from current conditions and is the reason for the expanded information given for the Month-To- Date Sold property data. The reports I generate for the first week of the month usually contain the Sold property data for the entire previous month.
A few years back, while on the San Mateo County Association of Realtors (SAMCAR) Board of Directors, I was responsible for moderating our Tuesday Morning, MLS Meetings before our Brokers’ Tour. In an effort to bring more market awareness to my fellow associates and affiliates outside of our San Mateo office, this Survey was introduced as a part of our regular meeting. It became quite popular among that group and, while no longer on the Board of Directors, I continue to give a short presentation at our meetings each week. You will notice that the current Excel charts contain more information than the previous years. Until the creation of this blog site, that information was previously announced verbally at the meetings.
SFR: Single Family Residence
MLS: Multiple Listing Service
Active: Listings that are currently in the MLS and do not have an accepted offer.
Ratified Sales: Is a combination of pending and sold listings that had a ratified offer (acecpted) from the first to last date of the month (sale date).
Closed Transactions (Sold): Listings that have recorded the transfer of title and escrow has closed.
Over/=: The number of Sold transactions where the Sales Price was over or equal to the List Price.
(=), (+), (-): Indicates if the property sold for equal to, over or under the List Price.
Avg.: When there are only two properties in any Status, the Median Price is the Average of the Maximum and Minimum Prices. “Avg.” is stated for Sold properties only.
2X: When there are an even number of properties in any Status, the Median Price is an average of the two properties comprising the median. “2X” in the Sold Status indicates that both properties sold for over, under or at the List Price.
Diff.: Indicates the approximate price differential between the List Price and the Sales Price, rounded, up or down, to the nearest $1,000.