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As a real estate professional, it’s crucial to position yourself as a market expert to attract and retain clients. One way to do this is by understanding and utilizing important market statistics. Today, we will discuss three market stats that can help you establish your expertise.
1. Median sales price. The median sales price is an essential statistic to track as it gives you an idea of where the market is headed. You want to use numbers from both last month and last year to provide a comprehensive picture. For instance, in December, the median sales price in Northeast Florida was $370,000, while in January, it was $360,000. This trend indicates that prices are slightly decreasing. Sharing this information with your clients helps them understand the current market conditions and make informed decisions.
2. Days on market. Days on market refers to how long a property is listed before it’s sold. It’s essential to set expectations for sellers on the timeframe to sell their property. For example, sellers should expect to spend around 40-50 days on the market at a lower average sale price and receive about 96% of their current asking price. By knowing these numbers, you can help set realistic expectations for your clients.
3. Inventory. Inventory refers to the number of homes available for sale in a given market. It’s a crucial statistic to track as it helps you determine whether it’s a buyer’s or seller’s market. A balanced market typically has a six-month supply of inventory, meaning if no new homes came on the market, it would take six months to sell them all off. Last year, it got as low as less than one, and this year it’s around four months of inventory. While it’s still a seller’s market, it’s not as frenzied as it was in the previous year.
By using these market stats, you can position yourself as a market expert and provide valuable insights to your clients. You can download these stats for your local market from your board, and if you have any further questions or suggestions about stats to use, feel free to reach out to me by phone or email.