This report will provide a quick overview as to how the Westside micro-markets areÂ currently performing and then compares that data to the same period a year ago.Â The key market indicators are:
Pending Sales Activity - sometimes referred to as the 'Number of Properties Under Contract'.Â This is a forward-looking indicator of current sales activity where there has been an accepted offer and escrow has opened.
Median Sales Price - that point at which half of the properties have sold for a greater amount and half have sold for a lesser amount.Â This indicator pinpoints where in the price spectrum homes have sold rather than reflecting home value.Â There is a common mis-perception that a drop in the MSP directly indicates a drop in home value.Â It is far more likely that the drop indicates either smaller, older and/or homes in lower-priced areas have sold during the period.
Months Supply of Inventory (MSI) - a leading indicator of market supply, which directly impacts pricing.Â Generally, a five to six month supply indicates market equilibrium while anything less signals a 'seller's market' and anything above a 'buyer's market'.Â Â
To view a portfolio of four additional reports trended over the past 12 months:Â Properties For Sale, Days On Market, New Properties For Sale and Supply & Demand, visitÂ the Market Sales Data section at WestsideHomesGallery.com.Â If you have any questions or would like to discuss this data at greater length, just drop me a note or call.