The Best Real Estate Statistic

The Best Real Estate Statistic

Days on market, average prices, absorption rates, etc. are all great real estate market statistics. There is one statistic that tops them all...

The odds of selling.

Yup, we've been here before but still so many of you pass on using this crucial statistic. While most numbers show what is happening in the market based on sold property and/or current inventory, they do not take into account property that doesn't sell. Calculating the odds fixes this problem and shows sellers and buyers the reality of the market.

No matter if you're in a market that has 15% odds of selling or 85% odds of selling; it's important information your clients should see. On one end, they should know the severity of the market to be prepared to do what it takes to achieve their goal. On the other end, your clients should know that even in booming markets there are still homes that don't sell if mistakes are made.

The odds can be used with broad market data to analyze market timing too. After all, that's how we discovered that our favorite day of the week, Listing Day, is on Wednesday. At the end of last year we took the analysis further to determine the best month of the year to list. That month is February and it starts tomorrow.

Happy Listing Month!

Note: Data was analyzed from the Garden State Multiple Listing Service. Data in your area may produce different results. 

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