Knowing the actual market stats for your local area is critical to building confidence with your Prospects and Clients!
If you work within a handful of neighborhoods on a regular basis, then being familiar with the stats and/or trends for those neighborhoods is essential.
Here are some market stats to track on a monthly and quarterly basis:
- Average sales prices
- Average sold price per square foot
- Average days on market
- Total number of available homes
- The “Turnover” rate
- The “Absorption” rate
Tracking these stats regularly will also reveal “trends”, or changes in the stats over time. Comparing the market performance in a specific month and also the market performance from the previous year will establish how the market is moving and may reveal opportunities. For example, if sales prices in a neighborhood are up year over year, and the days on market is down, then it might be an excellent time for a Seller to list their home. Might be a great time send out a marketing message soliciting new listings due to improved market conditions.
Tracking your market stats will also prepare you to have a powerful and effective answer to the question, “How’s the market?”. The answer to that question is certainly not “Unbelievable!” , but rather a short but detailed review of a couple of key stats that will impress a Consumer with your knowledge and competency, and will be memorable because you are a real resource and a professional in our industry.
Gain an unfair advantage over your competition! Build the habit of knowing your local market information!
