Those of you who receive FastStats PDF reports are probably familiar with many of them. There are multiple reports available, though the total number and the types vary from market to market and depends on the needs of each MLS.
Our most concise report, the Local Market Updates, fits on a single page and allows you to quickly assess key metrics for a neighborhood, city or county (available in some markets).
Where can you find your Local Market Update report?
FastStats users can find the Local Market Update section on the left side menu. Choose the area and the period available for your market and click “Get Report.”
What questions does a Local Market Updates report help answer?
Looking at the top you can quickly answer three questions:
1) Have more listings been added to the market?
2) Have more listings been sold in the past month compared to the same month a year ago?
3) Were more homes available at the end of the month?
What’s the difference between New Listings and Inventory of Homes, and what does that tell you?
The New Listings metric provides a count of the properties that have been newly listed on the market in a given month.
Inventory of Homes records the number of properties available for sale in ‘active’ status at the end of a given month.
Looking at the two numbers side by side paints a good picture of the flow of the properties through the market. If the two numbers are similar, we can be sure that the market is a seller’s market.
What time frames can you sort by in the Local Market Updates report?
The report looks at two key periods, 1) a monthly comparison between the current month and the same month the previous year, and 2) the trailing 12 months.
What’s the difference?
The first metric compares a snapshot of two points in time to understand if your local market area was doing the same, better or worse at this time a year ago. The types of homes compared may differ depending on your particular MLS, but it will most often include single-family detached and single-family attached categories.
How can the Local Market Updates report help me?
Like other FastStats reports, the Local Market Update provides you with an opportunity to strengthen your understanding of the latest neighborhood trends. Local Market Updates reports are also shareable with your current and prospective clients, making for an excellent marketing tool.
You can also take advantage of Local Market Updates charts and graphics to tell a compelling story about market conditions for your followers on social media or for recipients of your monthly newsletter.
In our next post we’ll cover our other popular report, the Monthly Indicators. Stay tuned!
Do you have the market statistics you need at your fingertips?
If you’re a real estate professional and belong to an MLS that subscribes* to MarketStats by ShowingTime, you already have access to useful reports and charts for every situation.
For MLS and association staff who need to quickly generate reports and charts that summarize local market activity, MarketStats by ShowingTime can help. Contact us for more information.
*MLSs and associations subscribe to MarketStats by ShowingTime to provide ready-made statistical tools for members. MarketStats is currently sold only to MLSs or associations.