I think that when you are looking at the trends you have to not only look at the sales data & listings data, but you also want to see the expired data! The active listings will tell you what people out there (your competition) are asking for their homes in your neighborhood or area; however, anyone can ask anything they want, asking doesn't always mean that they will get it! So then you have to look at the pending data (that are the homes which are under contract but not yet closed)-these are the homes which had a price that generated an offer that was good enough for the seller to accept! Then you have to look at the closed sales, and you should look at the most recent solds in your area, as this will tell you what the market is willing to pay for a comparable home to yours! Finally, you also want to look at those listings that expired (did not sell during their listing period). This will tell you at what prices the market was not willing to buy - and this can be as valuable a piece of information as anything!
Hopefully, that will help you! Good luck to you with your search!... more