CHERRYWOOD PARK STATISTICS:
– GLOSSARY OF TERMS FOR MARKET STATISTICS –
New Listings – A measure of how much new supply is coming onto the market from sellers.
Pending/Under Contract – A count of all the listings that went into Pending / Under Contract during the reported period. Pending /Under Contract listings are counted at the end of the reported period. Each listing can only be counted one time. If a listing goes into Pending / Under Contract, out of Pending / Under Contract, then back into Pending / Under Contract all in one reported period, this listing would only be counted once. This is the most real-time measure possible for home buyer activity, as it measures signed contracts on sales rather than the actual closed sale. As such, it is called a “leading indicator” of buyer demand.
Sold Listings – A measure of home sales that were closed to completion during the report period.
Median Sales Price – A measure of home values in a market area where 50% of activity was higher and 50% was lower than this price point.
Average Sales Price – A sum of all home sales prices divided by total number of sales.
Percent of List Price Received – A mathematical calculation of the percent difference from last list price and sold price for those listings sold in the reported period.
Days on Market Until Sale – A measure of how long it takes homes to sell, on average.
Inventory of Active Listings – A measure of the number of homes available for sale at a given time. The availability of homes for sale has a big effect on supply-demand dynamics and home prices.
Months Supply of Inventory – A measure of how balanced the market is between buyers and sellers. It is expressed as the number of months it would hypothetically take to sell through all the available homes for sale, given current levels of home sales. A balanced market ranges from 4 to 7 months of supply. A buyer’s market has a higher number, reflecting fewer buyers relative to homes for sale. A seller’s market has a lower number, reflecting more buyers relative to homes for sale.